is now a good time to by commercial multi-family, or should i bide my time and see what happens?

I would like to puchase an available 16 unit in NE Ohio (never has been a great market), but I'm a bit nervous about all of the uncertanties in the economy right now. Like a lot of people, I need to hold on to as much cash as possible, so I don't have as much down for property as I used to. Any recommendations on lenders who will lend on larger multi-family with less money down?
In Buying Property - Asked by Karen P. - Jan 12, 2009
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Answer(s)

Joe V.
Owner/Investor
Plymouth, MI

Yes. You can get 100% financing for what you need at 100% LTV using a method called "substitution of collateral. Another method would be to use a Non-Signatory Business Line of Credit that is attached to a Shelf Company that you purchase.. Beware though. Make sure it is NON-Signatory (no minimum credit score needed), that they have a money back guarantee, and most important that they have the LOC's already attached to your Shelf Company. This has a number of advantages, not the least of which is once you acquire these LOC's you can use them over and over again without asking for permission.

Jan 12, 2009
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Chris S.
Broker/Agent
Coeur D'alene, ID

Good time ... possibly. It all depends on the specifics on the deal. You can buy property right in a good market and you can buy it right in a bad market.
Hard to find high LTV traditional financing right now. Recent national survey showed 55% of commercial lenders are anticipating making NO new loans in 2009.

Jan 16, 2009
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Tai L.
Broker/Agent
San Diego, CA

Yeah, I have two lenders I work with and heard there are some programs out there for multi-family. Let me know if you are interested.

May 23, 2009
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