Trending: Lease and lease and lease. Tenants are seeking quality rental units and a good landlord or property manager. Why? Because of the rate hikes, tenants expect more. What can help your current multifamily to shine more? If you are seeking renovation or establishing another multifamily building, refinancing your property may benefit your current real estate portfolio.
A non-bank multifamily loan can help your real estate investments. You can use the cash to renovate, establish a larger real estate portfolio or use the cash out to purchase another business.
What does Non-Bank Mean?
Non bank is alternative lending for your commercial real estate projects, the lending guidelines are not comparable to your retail bank. There are more lending options for commercial real estate financing under non-bank lending products. For example: A multifamily in a low populated city, which does not jive with most lenders to secure the loan. With a non-bank commercial loan, a multifamily in a low populated can still be financed.
Another non-bank product for multifamily is a construction loan, up to 85% loan to cost, and with a 70% ARV. You have been noticing more rehabbing to Florida condos and multifamily buildings, why not take advantage of a new renovation or a brand new construction project? You may also close as an entity (LLC). Non bank multifamily loans have no cap on the amount of properties you own. Interest only options are available.
Bridge loans are another alternative for your multifamily project. They are highly versatile and may be the perfect solution to your real estate investing needs
How about SBA?
SBA 504 offers you new construction lending on new facilities or existing facilities. SBA will accept your application if your commercial real estate project will “promote business growth and job creation,” according to the SBA. With 51% owner user, you can simply finance your new construction mixed use property, plaza, or office building with SBA 504.
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