When loan requests come in below $1 million (much less $750k) many of the better priced lenders drop out. While this definitely applies to ‘Multi Family,’ it is especially true of commercial properties.
I recently had a daunting search for a $350k loan amount on a single tenant retail property in an ABSOLUTELY ’tertiary market,’ and was stunned when a nationally known lender offered 4.6% fixed for ten years. (The borrower was just as stunned as I)
None the less, the rep from the bank maintains that they have a substantial an appetite for these delicately sized deals, so, If you or someone you know has such a need, please give us a shout.
Small Balance
