Multi-Family Properties
When you’re purchasing an apartment building, a multi-family dwelling of 3 units or more, or a Mixed-Use building, and you request financing from a traditional Lender for your acquisition, you’ll very likely run into the “Dilemma.”
Traditional Lenders take an extremely risk-averse approach to these types of properties. They have Depositor monies to protect! They have limited funds allocated from the Depositors capital to lend and they’re going to be very selective when making those lending decisions. As such, the traditional lending process presents obstacles to success for many investors wanting to purchase these types of properties.
At Aurora Consulting, acting as your Broker, we’ll find the right lending solution for your unique situation. If your financing request fits into the traditional model, we’ll find Offers from Lenders eager to lend you the money, dilemma averted!
But if your financing request looks likely to run into the “Dilemma” we’ll find other financing options to help you grow your business success story.
Here’s a comparison between the “Dilemma” and the innovative financing option:
TRADITIONAL FINANCING
Downpayment: Minimum 25%
Credit: Excellent
Appraisal: Value based on Income/Expenses
Documents: Pile on the Paper
Repairs/Renovation: Ummm…NO
Timeline to CLOSE: Slow Ride, take it easy!
INNOVATIVE FINANCING
Downpayment: Can be as low as 10%
Credit: Less than stellar is OKAY
Appraisal: Market Value
Documents: Less is More
Repairs/Renovations: If You Build It, They Will Come!
Timeline to CLOSE: Beam Me Up Scotty