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?
And your income tax question is??
I have been told that $100,000 is (or close to) the lowest amount for a commercial loan (5 units or more). If you find a lender, you are also likely to be paying high interest rates because of the loan amount.
Try posting your financing needs on The Note Lounge. A ton of lenders/mortgage brokers hang out there:
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