6 Unit Apartment - GCA Mortgage Forums

Tagged: 6 unit multi family apartment, 6-unit-multi-family-apartment, Alaska, apartment building, Apartment Building Commercial Loans, apartment building loans, APARTMENT LOANS, Carmeron The Man, carmeron-the-man, Commercial loans, credit repair, DSCR, multifamily home loans, non-recourse, recourse, THE LENDER, VA Loans, Va multifamily home loans

Gustan Cho

Administrator
September 28, 2023 at 5:05 pm

On the phone on with Felix Nicolas III now. Will call you shortly Cameron LeClair the man 👨
LK1119 2004

Member
September 28, 2023 at 6:21 pm

The borrower is in Alaska. Does the borrower need apartment building ownership and property management experience? He has experience as a property contractor and owns couple of investment properties.
- Cameron
  
  Member
  September 28, 2023 at 9:26 pm
  
  Hello Lisa,
  
  The borrower does not specifically need apartment building ownership experience, but they do need 12 months of investor experience within the past 3 years,
  
  but they do need management experience. 3rd party is okay.
  
  investor experience is…. 12 months of owning & managing an investment property within the past 3 years.
  
  Please let me know if you have any questions.
  
  Thanks!
Gustan Cho

Administrator
September 28, 2023 at 10:39 pm

Cameron. Can lisa sell investment property non-qm loans for you guys as an independent contractor? Lisa is a realtor owner and Developer and knows a lot of people.
- Cameron
  
  Member
  September 28, 2023 at 11:29 pm
  
  Hey Gus & Lisa,
  
  Yes Lisa can be approved to sell DSCR products & originate in 40 states nationwide.
  
  All we need is Lisa to have some type of company formed, LLC, Corp, Etc.
  
  Does not need to have NMLS #
Gustan Cho

Administrator
September 28, 2023 at 10:44 pm

Did you talk to Felix Nicolas III?
- Cameron
  
  Member
  September 28, 2023 at 11:30 pm
  
  Hey Gus,
  
  I did, I sent him pricing & spoke to him about the file. He wants to make sure it ratios
Gustan Cho

Administrator
September 28, 2023 at 10:45 pm

The borrower has investing single family homes and owns two single family homes
- Cameron
  
  Member
  September 28, 2023 at 11:30 pm
  
  that should be just fine
Gustan Cho

Administrator
September 28, 2023 at 10:56 pm

Cameron do you have a great credit repair company you can endorse and is great
- Cameron
  
  Member
  September 28, 2023 at 11:31 pm
  
  I dont…. typically that is something my business partners use but I do not personally have a need for Myself.
Gustan Cho

Administrator
September 29, 2023 at 12:37 am

THANKS Cameron. Appreciate you.
James Hayes

Member
October 25, 2023 at 2:25 am

gustan, is it ever possible to get a no money down for an apartment building over four units, such as through an owner, investor?
- Cameron
  
  Member
  October 25, 2023 at 6:05 pm
  
  Hello James,
  
  back in 2021-2022 we had theNADA 100% FHA program allowing 1-4 units.
  
  Unfortunately with the market we brought that down to 2 units-
  
  Minimum fico is 680+
  
  if you have a questions please let me know
  
  thanks
Lisa Jones

Member
October 27, 2023 at 3:01 am

You can buy a four unit multifamily home with 100% financing with a VA LOAN. No closing costs. Get a 4% seller concessions for closing costs.

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