Commercial loan for multi unit property
I am interested in purchasing a 5 unit property in Dayton, OH. I moved to another state and I’m looking for a lender that would lend to out-of-state investors without any problems. It’s frustrating because I’ve tried some banks and they won’t lend to me because I don’t live there anymore. I am looking for commercial financing in the $2million to 3million range. Thanks in advance for your recommendations. by paulv924 from Dayton, Ohio. Nov 29th 2021
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Unlike standard 1-4 unit property loan backed by Fannie Mae and Freddie Mac who write the guidelines most loans follow, once you get to five or more units, you are dealing with a whole different world. These loans now will vary greatly depending on who you talk to. It is extremely common in that market that the banks only want those type of properties on their own backyard. I lend for homes in MN, WI, IA, ND, SD. I can be found at https://minneapolis-mortgage.net/ - Cambria Mortgage, NMLS 274132
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