6 unit need commercial? Interest Only?
Posted 15 November 2004 - 11:10 PM
I found a great money producing property about 1.5hrs outside of the city that is only $220k. I was very excited until I was educated by my mortgage broker that a 6 unit as I was looking at would require a commercial loan which is much more expensive and requires a 25% down payment.
The property is so cheap that my own salary could support it, but I do not have the 25% DP, and am not sure how hard it is to get a commercial loan. My mortgage broker didn't want to touch it.
With all of the creative financing techniques these days, is there a way to get around a large downpayment for commercial?
Can I get an interest only on a commercial?
Is there away to get around having to even use a commercial loan, and somehow obtain a normal mortgage for the 6 unit property?
I appreciate any advice you could provide to this eager novice.
Posted 16 November 2004 - 12:36 AM
”Can I get an interest only on a commercial?” I have not seen it. Then again my experience is limited to bank lenders.
”Is there away to get around having to even use a commercial loan, and somehow obtain a normal mortgage for the 6 unit property?” Hmmmm, I don’t think so. Financing up to 4-units as residential if one of the units is owner occupied is the standard.
Posted 26 November 2004 - 12:16 AM
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