What Kind Of Lender For My 7 Plex? 16.5 Down.
I know funding options have exploded, I want a quick easy close with a private lender for a 7plex in a premium neighborhood, a steal of a deal in close-in Portland OR.
Wondering, what kind of lender might do it for the 16.5 down? (65K for 389K plex)
I was thinking -
A Private investor -
Hard money -
Bridge Loan-
A loan that looks at this as residential instead of commercial
I have a commercial lender willing to do 20%, but I heard they take a long time, and he may be stroking me. Any ideas or info most appreciated. 
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On 2004-09-13 20:57, thebestever wrote:
A Private investor -
Might work
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Hard money -
Not enough down
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Bridge Loan-
Might work but rates are high.
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A loan that looks at this as residential instead of commercial
If you find one let me know!
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I have a commercial lender willing to do 20%, but I heard they take a long time, and he may be stroking me. Any ideas or info most appreciated.
Commercial loans do take a long time. But if you want the best rate....
Most commercial lenders do not ask where the down comes from. So if you put a few dollars on a high rate creit card that will get you a good blended rate.
Thank you!
I like the tip about using other people's money for a down on commercial loan.
Some of the hard money is going to a good loan to value in this town, but 10-11 percent and 2-3 points, interest only. Apparently there are a few commercial loans at 20% down, you have to hunt, and in the end who knows, but... Thanks!
With 20% down and good cash flow just about any bank will do it.
I have been able to get very good rates if you are able to go full doc. You need to tie up the property and then worry about how long the financing will take, the seller will wait if they want to sell!
Robert