Were can I find a company or mortgage broker that can find or finance small Commercial and Multi Family loans?
I am currently in the market to buy a five unit multi-family property listed at $180,000. Because it is considered a commercial property I’m having a hard time finding a lender that does commercial loans under $500,000. I should be able to put 20% down by drawing equity out of another propriety so I don’t foresee there being a problem financing it. I would appreciate any suggestions.
I do this type of loan. Please email with some of the detail
how to get a job in commercial loans?
im interested in getting a job in commercial loans, where is the best place to start… what company is the best. and do you make good money, or should i just go with morgage loans??
You could go to insurance company (they do make commercial mortgage loans), banks or commercial mortgage brokers. Commercial mortgage brokers are probably most profitable since they largely work on commissions and it could be huge. You will get a job as an analyst and get trained to underwrite loans. In a couple years you are set.
Is it true that commercial mortgage loans are all ARM’s?
When we got our commercial loan, our loan officer told us that “all commercial mortgages are ARM.” Although we got in on the low interest rate boom 4 yrs ago, our payments are now almost doubled. Any suggestions?
If it is a commercial loan then most of the programs are ARM’s. Most of them also have a balloon payment. However, there are fixed rate options. The rates are usually so ugly though it isn’t worth doing it (at least on the commercial side). Some of the rates on commercial are in the 5′s right now. E-mail me with your scenario and I can give you a quote on another 5 year ARM, a 10 year fixed, and a 15 year fixed. Depending on the property type will depend on whether you can get a term any longer than 15 years.
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