Profile picture for Woodenewe

Are lenders making loans for apartment buildings in Seattle Queen Anne 40% down with 5 or more units

  • January 30 2010 - East Queen Anne
  • 0Yes

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Answers (5)

Profile picture for Woodenewe
Thanks to all who have responded.  We have decided to buy a unit with four or less units.
  • March 03 2010
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5 units and above will be consider commercial by most lenders. It helps if you know the CAP rate for apratments in the area. The loan amount will be determined by the properties Debt Coverage Ratio Most lenders are required a DCR of 1.30.

Contact me if you need to speak to a Mulfiamily expert.

  • March 03 2010
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Profile picture for FredRea
Of course they are... I grew up in Magnolia and I own property on Queen Anne. I did a purchase for a commercial property (4+ units) in Queen Anne just about a year ago for a property just up the hill from the 5 spot Cafe.

If you need some help let me know.

Fred
  • February 04 2010
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They certainly are in CA. Contact this young gentleman from Kirkland, WA. .... Happy funding, Rudi 
  • January 30 2010
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Yes, but typically if it's more than 4 units, it's going to be considered commercial financing. let me know if I can help.
  • January 30 2010
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