Multifamily Loans
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The usual residential properties real estate investors or people think about purchasing for either reselling, renting, or using, are the common houses and apartments—units—. However, if you are someone who knows about multifamily properties, you can agree they are a great investment in comparison, especially when multifamily loans are available to finance them.
First, do you know what a multifamily property is? It is not difficult to understand at all since it is a matter of a property with 2 or more units—usually apartments or similar to them—that can be used for more than one person or family.
You can consider them a type of residential building that is not as big or large as those you can see in cities, but you get several units for use. Now, why would you invest money in one of them and why use a loan at that?
Multifamily properties are more expensive than usual for the simple fact of having more space, offering certain benefits in each unit, and so on. However, they are a great investment for not reselling in specific but rather renting the spaces. Most people who invest in one choose to use one unit to live in it and the others are rented to have a passive income.
The role that multifamily loans play in this process is being able to have the funds you need for a larger investment than usual. As we mentioned, they are expensive but not impossible to buy for someone people with enough savings or those that qualify for loans.
Therefore, if you are considering the option, make sure to apply for multifamily loans, not for commercial or residential real estate ones since they will not finance most of the total cost of the property.
At Commercial Real Estate Loan Pros of Tallahassee, we have these loans available for both real estate investors or just people trying to have a new place to leave and use the rest as a passive income. But, why would you choose us instead of banks, lending companies, and other private lenders like us? Because we are more flexible and quite fair with our terms and conditions.
We are not trying to make it hard for any borrower to repay the money. Instead, we want to build a relationship and make sure it is a win-win situation in the short and long term. That being said, you can expect these terms from us.
- Lower and fixed interest rates.
- More amortization time.
- More time for repayment.
- Higher LTV and LVR ratios.
- Larger loan size.
Is it hard to request multifamily loans with us?
Not quite. We focus on the usual requirements: credit scores, financial records, collateral, and details about the property you want to purchase. As for how good some need to be—like your credit score—, we are flexible, which means they do not have to be the best or even good, but at least average in order for our team to consider the loan.
Overall, you will not find it difficult but rather fast and simple. For more information or any questions, make sure to contact our team at Commercial Real Estate Loan Pros of Tallahassee anytime.
There are so many areas or regions where we offer these services with most of them being cities.
However, if you need any of these services, you need to contact us. The list below comprises the areas where we offer these services.