Financing A 5 Unit
I own a 5 unit (free & clear) in good condition but am having trouble finding a lender to refinance it due to the fact that it's market value is less than $100,000.
Our community is small (Western NY) but my credit is decent and I don't think I'd have any problem going stated doc. The property has five sets of tenants with high rents and is valued at around $65,000 - $70,000. Anyone know of a lender or broker that could help?
I have been told that $100,000 is (or close to) the lowest amount for a commercial loan (5 units or more). Any ideas how or where I can get financing?
You're likely going to have to shop at your local mom and pop bank--not some franchise.