Where do I find financing for an apartment complex?
Jun 15, 2009
in
Commercial Mortgage FAQ
Looking for an investor/financer of an established apartment complex. I would like to borrow their money to purchase and pay a reasonable interest rate 6.1-6.4%. Prosper only allows up to 25k. I need 2.9 Mil. an interested investors. Email me.
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5 comments
Nicholas D on June 15, 2009 at 12:02 pm
That is defined as a commercial loan! The rates on commercial are higher! Around 6.5 and above! You would not be a buisness loan! Since you are purchasing real estate! But with the rents included into your income. You should qualify! As long as the value is not over inflated! You need to contact a local commercial real estate loan officer! You can go to a broker or the local banks! But if your credit is so/so, I would go to the broker! The banks usually only deal with investor with some exsperience. Well good luck! There are other lending sites like prosper! But they will still only give up to 50,000. If you own a home already, you could take your equity out! And use that to purchase this property! but thats alot to risk!
Serge on June 15, 2009 at 12:02 pm
I will e-mail you my contact info. There are several ways you can do this but when you are saking for a loan of that size and type more than likely it will be considered a Busines Loan so you need to be prepared to be dealing with SBA rules somewhat.
lizzgeorge on June 15, 2009 at 12:02 pm
You want to pay below 6.5%?? You're crazy. Not even a bank would do it for less than prime (8.25%) even if you had the best credit, experience, and collateral to offer plus a letter of guarantee (ie you pledge your personal assets as collateral).
Why would any individual lend you money at that rate?? I can get 5.5% in a money market with basically no risk!
choice_finance on June 15, 2009 at 12:02 pm
try http://www.choicefinance.net/commercial_mortgage_real_estate_loans.htm
Cardinal Rule on June 15, 2009 at 12:02 pm
Hi my name is Nicholas D! I love to put exclamation points after every sentence I write! It's fun! LOL!!!!!!!!!!!