Multi-Family Loans
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Real estate or acquiring new properties for your own use is not always about the usual residential and commercial properties you know about. Instead, you can also bet for multiunit properties that can be your residence, office, and even a passive income but you will need multifamily loans for these.
However, why would you invest in multifamily properties instead of sticking to the usual? The main reason for most people is the previous one: the opportunity to have a passive income that still offers you the option to live in the place as well. In other words, your residence and office usually get pay for the income you get from the other units.
To understand this, you must know that multifamily properties consist of more than one unit or apartment. Therefore, you usually have at least 4 spaces to use and those that are not worth in terms of personal use, can be rented without issues and sometimes, sold to other people. The obstacle with this investment for real estate investors or just companies and individuals interested in this type of property is how expensive they can be.
After all, you are not getting one small room, apartment, house, or regular commercial property. Instead, you are going for—usually—something bigger. Regular loans do not cover the expenses of these properties nor what you want to do with them in the first place since these credits will cover a normal acquisition that does not tend to open the option for renting or reselling right away.
This is when multifamily loans are required since they cover over 70% of the total cost and allow you to work with the passive income from the units you will not use directly to have a long-term income as long as you own most of the property.
Who offers multifamily loans?
Banks, pension funds, and similar lenders you are used to, actually have the option of requesting these loans. However, the conditions are not particularly good. The interest rates are higher, there are more requirements to meet, and you can have difficulties when trying to rent or sell a unit at some point. This is why private companies and lenders like us at Commercial Real Estate Loan Pros of Tampa are quite popular among real estate investors and others in need of credits.
First, because we offer loans for even multifamily loans with only 2 or 3 units. You do not have to feel pressure for the property to have several ones. But if you are interested in one with over 5 units, we can also cover the expenses and provide a loan. Second, the term of the loan is much longer, usually starting at 20 years, and varies depending on the size of the multifamily property and the number of units.
Third, interest rates are fixed and low. You do not have to think about how much you will spend in the long run since, most of the time, the loan can be partially or completely paid by renting and selling some of the units. Finally, we are quite flexible compared to other lenders offering multifamily loans since the term can go up to 40 years, you can negotiate the interest rates, and collateral is not always necessary.
Creditworthiness and the usual requirements will vary as well in terms of what we expect from there. Yes, we have standard conditions but they are not fixed when you have special projects in mind with your real estate investment. Therefore, feel free to contact our team at Commercial Real Estate Loan Pros of Tampa and request the multifamily loan regardless of the number of units and do not feel limited if you do not meet all the basic requirements since we will still accept your request and evaluate it.
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.