Can anyone Finance an 8 Unit Multifamily building with a 10% CAP in Wyandanch, NY? Is Redlining legal?

There is no valid financial reason not to finance this building. It seems as though when the underwriters find out where it is, or the fact that they take certain Government programs, all of a sudden problems arise.
In Selling Property - Asked by Lisa T. - Oct 28, 2010
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Answer(s)

Brett O.
Broker/Agent
Torrance, CA

You question is not specific enough. If you are looking to buy an 8 unit building at a 10 CAP there are lenders available to help you.
The property will need to appraise and you will need to seasoned income and expenses. If the property has leases that are paid via Sec. 8 that should actually even help. Each lenders underwiting criteria will vary regarding the LTV etc...
I commercial Broker in your area can provide you with comparable sales of 5-15 unit buildings in that market.
Lenders always have problem, and often times they can be overcome and addressed.

Oct 28, 2010
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JOSEPH H.
Owner/Investor
Sicklerville, NJ

AMERICA NOTE'S ,GET CASH NOW!!SELL YOUR REAL ESTATE NOTES,

Nov 13, 2010
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Adam B.
Owner/Investor
Chicago, IL

Private Equity funding may be your solution. RFP is aggressively seeking to finance commercial deal in all 50 states. Private lenders are much more liberal than conventional lending institutions, and see Multi unit and commercial buildings as a great investment.
Thanks Adam T Barrera

Dec 7, 2010
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