The type of financing will depend on the type of deal, which we will briefly cover. If you are buying a stable building with 90%+ economic occupancy (paying tenants) and the amount you will finance is $1,000,000 or more, then the property may qualify for non-recourse agency debt (fannie mae or Freddie mac). If your building is in need of repair and has high vacancy, then you may need to go the local bank route or a with a bridge lender.
There are 3 basic types of lenders: Local, national and conduit lenders. In this episode we cover the pro’s and cons of each and how you can qualify for a large apartment loan.
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John Stiles is a licensed MN real estate agent with Bridge Realty.
To learn more, check out John’s website: www.RealEstateStiles.com
You can also find John on YouTube: www.youtube.com/channel/UCgLtahYDXP8T-fEFJfBqHww