What type of lender would take on this type of asset?
I have a property under contract which is a dorm style apartment with 15 bedrooms and 10 bathrooms including shared space for cooking and dining. I'm having a hard time financing and I want to know if its because of the type of property involved? At full occupancy, the property makes $11k a month. It was appraised in 2020 with the value being $800k. Anyone knows a lender who can take on this deal? by tristan827 from Davis Creek, California. Feb 3rd 2023
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
you need a commercial lender....1) see if you can find out if any lender has ever leant on the property and contact them ......2) contact the smaller- mid size banks and credit unions that are in the area of the proeprty for options 3) see if any similar properties have had loans on them and contact these lenders
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