Rooming House PropertyKen Kaplan
Securing the best possible Rooming House Loans for your commercial property involves more than a trip to your friendly neighborhood banker. As with all commercial lending situations, presenting your property in the best possible light, and understanding the nuances of the many financing programs available can make a huge difference in the quality of the loan offers you ultimately receive.
Rooming Houses are structures containing five or more dwelling units with common area facilities such as entrances, lobby, elevators, stairs, mechanical space walks or grounds. Unlike multi-family properties, the nature of the occupancy tends to be more transient.
Rooms are rented on a daily, weekly or monthly basis and usually only include a bedroom. The residents share the bathroom and kitchen. Rent paid usually includes all utilities and units may be furnished. Most rooming house properties contain less than 20 units.
When underwriting rooming house property loan opportunities, K2 Commercial Finance first considers the specifics of the property that requires financing.
We will work with you to create the strongest possible loan submission package, highlighting the strengths of your property with respect to its local market and specific location attributes, as well as favorable property conditions and characteristics.
We also have a method of normalizing income and positioning expense considerations that helps our lenders provide the best possible loan offers in the shortest amount of time.
Our job is to create the strongest possible loan submission package and target it to the exact lender or lending program for the specific property, or for your unique borrowing requirements.
If you have a need for a rooming house property loan to acquire or to refinance a property you currently own, please call K2 Commercial Finance to discuss your requirements. We have the mortgage planning expertise to secure the BEST possible loan scenario for you.
Contact me today to discuss your loan options, for free.