Our client came to us after going to some local lenders in rural Michigan who could not get past some of the challenges that were part of this deal. The first challenge was that the borrower had no previous experience with a multi-family property type. Also, the property was not located in a major metropolitan area (less than 10,000 in population). Another factor was that the most anyone was offering him was a 20-year amortization and he needed a longer term to lower his monthly payments.
We were able to secure him a 30-year term with a 10 year fixed rate at 6.25%. This was exactly what our client needed in order to achieve the monthly cash-flow he was seeking to make this acquisition worthwhile for him.