azjetfan, on 24 July 2013 - 08:29 AM, said:
You may want to research how commercial loans work. They do not work like a traditional mortgage. Is this a single family home? How many apartments. If it is more than 4 it will not be a traditional mortgage. It will have to be a commercial loan (portfolio ) loan. These typically have a 3 or 5 year balloon where the rate will reset and you will need to reprove your credit worthiness . I still would tread with caution. They are not selling because there is no market and probably won't be ever again. What are your reserves for repairs and maintenance? The bank will require this.
It's a 14 unit (all 1BRs).
I'm aware that commercial is different, I'm not even sure if I can get a commercial loan on anything under 6 figures.