im interested in a property that is getting multiple offers. The listing agent told me that they would prefer a cash offer. If I purchased this property using all cash, could i then take a loan against the equity after close of escrow? How different would my loan terms (e.g. interest rate premium, points/fees, ease of getting a loan) be compared to getting a conventional loan for the purchase? Btw, this is a 7 unit apartment building so it would be a commercial loan. Thanks.
Miami,FL | Jun 14th 2011
by OmarC52
Answer
by cgummer...
Commercial lenders are not under the scrutiny like regular residential lenders. If you purchase for cash, then you would need to contact a lender who can refinance your property. I am not sure if they would have a seasoning requirement, but for residential, you would have to wait 6-12 mos depending on the loan and lender. Try C-loans.com for commercial loan requests. Jun 14th 2011
by Angelo ...
I can look into that for you if you like. You need to make sure that the property will meet the debt service requirements. If the current owner doesn't have any tax returns, rent rolls or profit and loss statements you will be unable to get a conventional commercial loan for the property. Jun 15th 2011
by mconvin
hi there: If you'd like to contact me I do specialize in commercial deals working with private investors not commercial lenders that offer common sense scenarios with less stricter guidelines. Credit is not a factor with us but exit strategy, and scenario making sense we will lend. No seasoning with us. If you'd like to call and chat (Mike 703 505 5300). We also offer owner occupied residential with the same program no credit required...Rates on both programs are quite competitive with no prepay. Jun 15th 2011 |
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