Financing for 5 unit multi family property
Friday, January 11th, 2008Visitor: Hello have a few basic questions on financing a 5 unit multi family property
Visitor: First, do you have a minimum loan amount
Choice: what loan amount are you looking for?
Visitor: May be to small for your company but it is approx $165,000
Choice: that’s not too small
Choice: is it a purchase?
Visitor: It is a purchase
Choice: great. what’s the sales price?
Visitor: $169,000
Choice: for a 5 unit you will need to have a down payment, are you able to do so?
Visitor: Yes
Choice: what % can you put down?
Visitor: Whatever is needed, but would prefer to mimimize obviously
Choice: ok
Choice: we can check what the minimum will be. i’ll have to forward your info to one of our Commercial loan officers.
Choice: you can fill out our online commercial app to give us the details, that way when we contact you we’ll be prepared
Choice: commercial app
Visitor: do you have any idea what the interest rate ballpark would be on an 80% LTV Ratio with me having a Fico Score of 753 per latest pull from Equifax?
Choice: i’ll give you a ballpark… one moment
Choice: somewhere in the low 6’s depending on which program you choose. our shortest term is a hair below 6%. We also have interest only option available. We can give you a very accurate quote once we review your entire application.
Visitor: Are any of your product 20, 25, or 30 year fixed? forgive all the question but commercial is new to me, We operate 5 rental units but they have all fallen under “Residential”
Choice: right, up to 4 units will be residential and anything over is commercial. My commercial knowledge is very limited. I can have a Commercial Loan Officer contact you so you can ask as many questions as you want… I can also give you an email address, to contact him on with your questions if you’d like?
Choice: Brent Mendelson
Choice: 888-475-0700 x123
Choice: brent@choicefinance.net
Choice: or let me know if you want me to have him contact you…
Choice: is the property in
Visitor: I have his info and will be in touch. Thanks for your help ( Va is a yes)
