Looking for Commercial Lender

You might not need a commercial loan. How many family dwelling? Any commercial tenants?

The townhouse has 4 apartments, no commercial tenants.

Meridian Capital is one of the leaders in sourcing multifamily lending in NY. Go through a broker. Engaging Banks directly is probably a waste of time for a commercial loan. If you can fit it into a residential loan then it is better to go directly and you will get a lower rate and longer term that way.

Meridian Contact
1 Battery Park Plaza New York, NY 10004
(212) 972-3600

most commercial loans start at 5 units; not 4.

As for using a mortgage broker, you will be paying the broker's fee - not the banks. So in addition to a banks origination fee you can add the broker fee on top of that. It doesn't take much time at all to call the few banks in the city that do this type of lending. You're talking primarily the local community banks - ie. Astoria Savings, New York Community, Flushing Savings, etc. The only big banks in this business locally are Chase and Capital One.

Also, if this is going to be your first investment property and you lack a track record at managing and owning multi-family properties then it might be harder to find a bank willing to lend. You might have to go with a significant amount of equity - at least 50%.

Mortgage Broker here.

For loan amounts up to $625,000, bank pays my fee since this is a Fannie Mae loan. Can get a Fannie Mae pre approval. For amounts over this, some banks will pay my fee.

Ellen Silverman
Licensed Mortgage Broker
Licensed Real Estate Broker
esfundingco@aol.com
www.esfunding.instantlender.com
NMLS#60631

If you are looking at a 4-family dwelling, then you shouldn't need a commercial loan.

You can also consider an FHA loan. Less down payments with these loans. FHA also has wonderful renovation and construction loans. I believe their loan amounts can go up to $729,000.

thank you all for your comments and suggestions