commercial deal

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Posted by Eric on November 12, 2008 at 07:49:26:

I am real estate investor who has been in the game now for about 12 years, mainly small rental units 2-5 per bldg. I just came across an oppurtunity for a 150 unit bldg that i have been eyeing for years.

Since this would be my biggest endevour I am looking for some advice. First off does anyone know of a lender that is reasonable to work with. The asking price is over 2mil so I know that this opens a lot of lenders up. Also, how do lenders view this? Are they looking for you to have a professional management team for this, or can you manage independantly.

In todays market are there lenders out there that will consider anything other than a 800+ fico for this type of transaction?

I want this deal in the worst way, I promised myself I would obtain this bldg if it ever hit the market and my day is here. Anyone out there that can help me brainstorm ideas and ensure I am covering all bases would be apprecaited.

Thank you.

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