Requirements for a commercial loan to buy and Rehab two - twenty unit apartments
How would I qualify and go about getting a real estate commercial loan that I can use for buying and rehabbing duplexes to 20 unit apartments. I do not have a 1099 or W-2. However I have around 80k in liquidity. Any advice would be greatly appreciated thanks!
[{"id": "giibco0", "text": "Get a mortgage broker", "replies": [{"id": "gin5m0h", "text": "This. Do this. You\u2019re already at a disadvantage having limited experience and you\u2019ll be below 99% of single digit lenders minimum size requirements.", "replies": [], "depth": 2}], "depth": 1}, {"id": "giifzwy", "text": "I can do up to a 30 unit on one parcel.  Fix and flip, long term hold.  What state, purchase price, how many units are rented, and I can do a 1:1 dscr.", "replies": [], "depth": 1}, {"id": "giirixs", "text": "Commercial Mortgage Broker here.\n\nWith your limited liquidity, we'll probably have to start with hard money. If the deal makes sense, a lender will fund it.", "replies": [{"id": "gikp0kr", "text": "Seconded. Bridge groups are liquidity focused and will not be competitive on a 20-unit property.", "replies": [{"id": "gin5jfr", "text": "Bridge Lender here - we have a credit proposal out on a 17 unit property right now. It\u2019s at the small end of our size range and in LA but still. I generally agree that 20 units is usually too small for us.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}]