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 multi-family acquisition 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 commercial real estate loan 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.