GETTING A MULTIFAMILY COMMERCIAL MORTGAGE LOAN SHOULD BE EASY RIGHT?
That is why I am here to give you a no worry review to buy multifamily commercial properties. Information is the key.This multifamily commercial mortgage loan industry is a vast and confusing process. So, I did a comparison study and have given you an overview of the process. I found Commercial Loan Direct to be a sound start to getting your loan. Commercial Loan Direct was specifically designed to help the borrower through this vast and confusing process of getting a multifamily commercial mortgage loan.
Commerical Loan Direct is Rated A+ by the BBB, It is free to use, and the mini application to get lenders interested just takes about 4 minutes. The best part is that you can compare the information before you go into a detailed application.
WHAT TO EXPECT FROM COMMERCIAL LOAN DIRECT
>>>NO UPFRONT COST OR OBLIGATIONS
>>>COMPETITIVE RATES AND TERMS
>>>200 PLUS LOAN PRODUCTS
>>>EXPERIENCED LOAN SPECIALIST ASSIGNED TO YOU
>>>FOLLOW UP WITHIN 1 BUSINESS DAY
The most useful part to me is that you can repeat this process for free until you have the right commercial mortgage loan for you.Commercial Loan Direct is a Correspondent Lender with over 200 loan products available nationwide. This means is that they are able to lend on behalf of other financial institutions throughout the US including banks, insurance companies, credit unions, saving banks, and private institutions, giving you a wide variety of loan options to choose from. Their professional staff members are real estate industry and loan experts, in addition to having a broad base of knowledge in other fields, allowing them to work with their clients to find creative financing solutions that are specifically tailored to their Borrowers’ needs.
IN GENERAL 4 TYPES OF MULTIFAMILY COMMERCIAL LOAN that finance between 2-20 unites.
CONVENTIONAL MORTGAGES, GOVERNMENT BACKED LOANS, PORTFOLIO LOANS, AND SHORT TERM FINANCING (HARD MONEY AND BRIDGE)
( Hope this table is helpful) Terms- Loan to Value- Interest Rate- Down Payment- DSCR- Funding Time
1. Conventional Mortgage 15-30- yrs-80%- 4%-6% 680+CS- 20%- 1.25+- 30-45 days
2. Government Backed 5-35 yrs – 87%- 3%-6% 650+CS- 13%- 1.25+- 60-180 days
3. Portfolio Loans 5-35 yrs- 97%- 3%-6% 600+CS- 3%- 1.25+- 30-45 days
4. Short Term Finance 1-3 yrs- 90%- 7%-12% 500+CS- 10%- 1.15+- 10-45 days
REFINANCING: Refinancing a multifamily commercial mortgage is simple It is based on the property value usually it will be a LTV of 75% of property value, your credit score is not as important and the value of the property.
TIPS:1. Get your paper work in order 2 years of tax returns bank statements if you own property all of the occupancy data.(This is general)
2. Know the value of your property DON’T ORDER AN APPRAISAL Study comparable property sales in your area.
3. Complete a detailed asset and liability statement (always good to know).
CONCLUSION: Now that you have a no worry review for multifamily commercial mortgage loans, you have the key of knowledge use it to get the commercial loan that you want and need like thousands are doing now.
RECOMMENDATION: Again, Commercial loan Direct is Rated A+ by the BBB, It is free to use, and the mini application to get lenders interested just takes about 4 minutes. The best part is that you can compare the information before you go into a detailed application.
The most useful part to me is that you can repeat this process for free until you have the right commercial mortgage loan for you.
I HIGHLY RECOMMEND Commercial Loan Direct to get the multifamily commercial loan that you want and need.
Janell McKenzie NMLS #1185425 Retired Chiropractor AL Lic. #1191
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