New To Multi-unit Financing
I have been doing residential financing for some time, but have never gotten into multi-unit properties. I have a contact who wants to start using my services for numerous multi-unit deals. My problem is that I have never done these and am curious where I should start. I need to learn how to do these and would appreciate any insight or help on how to move forward. Thanks
Well its a different world. Fannie Mae compliant residential is all about credit scores and comps. Commercial residential is all about cap rates and cash flows. In addition its a different lender base. Do you have access to lenders who will do this kind of deal? If yes, start talking to them about underwriting guidelines. If not start looking for lenders.