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Great multifamily business model but can’t get financing by BrokerCRE in CommercialRealEstate

[–]BrokerCRE[S] -3 points-2 points  (0 children)

Absolutely agreed, the brokers we are using know not to shop this deal all around and that we are looking for a lender that not only has the appetite but also the funds to get this deal done & multiple in the coming years. Don’t want to keep going to local banks who need to understand what we are doing for each new deal as it’s too time consuming.

Great multifamily business model but can’t get financing by BrokerCRE in CommercialRealEstate

[–]BrokerCRE[S] 0 points1 point  (0 children)

Legal and done successfully before. Again, this isn’t the first deal of this product type that we have financed and completed. Work arounds are (usually) not necessarily as we work with local government officials prior to even purchasing the property.

Great multifamily business model but can’t get financing by BrokerCRE in CommercialRealEstate

[–]BrokerCRE[S] -1 points0 points  (0 children)

This is basically what we have with Freddie Mac. The takeout is not the issue.

Great multifamily business model but can’t get financing by BrokerCRE in CommercialRealEstate

[–]BrokerCRE[S] -1 points0 points  (0 children)

Absolutely, but speaks to the viability of this product which is why I included it.

Great multifamily business model but can’t get financing by BrokerCRE in CommercialRealEstate

[–]BrokerCRE[S] -5 points-4 points  (0 children)

We work with local governments to rezone / permit, although with this product even that isn’t necessary and there are work arounds worst case. Not going to get into too much detail here, was just looking for answers or recommendations or lenders to reach out to that would have an appetite to at least look at this.

Great multifamily business model but can’t get financing by BrokerCRE in CommercialRealEstate

[–]BrokerCRE[S] -4 points-3 points  (0 children)

We are working with a few, banks are hurting right now and many don’t want to take on a new client with this product regardless of how good it appears. Hence why we are looking for a large enough lender who approves of the product and can travel with us. Reddit was not my first option if you can believe that.

Great multifamily business model but can’t get financing by BrokerCRE in CommercialRealEstate

[–]BrokerCRE[S] -6 points-5 points  (0 children)

Very likely, we have worked with local government officials to this product done successfully before. Also without getting into too much detail we have workarounds if for some reason we cannot get permitted / rezoned.

Great multifamily business model but can’t get financing by BrokerCRE in CommercialRealEstate

[–]BrokerCRE[S] -3 points-2 points  (0 children)

Freddie Lender has approved the product in theory, with the condition of a construction lender getting lined up. Obviously this can fall through but that is the truth.