I am seeking a wholesale or direct Lender that can provide commercial apartment equity lines for 5 unit plus properties in Southern Calif.

Thank you for your comments.

5 units is fairly small on the commercial side. Local banks are usually the best bet unless you get into properties where the loan sought is greater than $5,000,000. With larger loan amounts there are some national commercial lenders who will consider lines.

a few things to note:

lenders generally do not like to do lines of credit on apartments and will usually only do them if they hold first lien position.

LTV's won't go higher than 80%

Thank you for your comments. This is a nich product I am looking for, Loan size $250K to $1 mil. I currently have conduit sources for first T.D.'s. i don't have any sources for equity lines.

Any additional comments are welcome.


Sincerely,

loanguy123

Oustide of local banks, I don't know anyone who would consider a 2nd position for loans that small.

I thought it would be tough to find.

Thank's for your comments.

Sincerely,

loanguy123

Hello, I am planning on building 5 townhouse unit on a 150x110 site. I own the site free and clear and I am currently seeking a construction loan or line of credit in the amount of 1,450,000 (that's what I think it'll cost to build... includes soft costs). I am budgeting approx $100/sqft. to build... around $280K/unit The parcel has been appraised at $300,000 and I plan to market the units @ $400K. (This price is at the upper end of the market, but I believe this location can attract this premium.) BTW,I bought the property 5 months ago for 160K. The entity(Corp) that I purchased the property was established in 2002 and has little to no credit history, however my personal credit score is 790.
This development project will be my first...so I would like to know based on this information how easy would it be to obtain financing with very favorable terms (and should I consider very favorable) and how I should be prepared in talking with lenders?
I am currently finalizing preliminary plans and preparing to submit them to the village board.

Your help is appreciated