I recently listened to the MHP Summit recording on "Getting a Loan in 2014"I have a few questions about obtaining a CMBS loan:1.) Can you use a personal line of credit as funds for the downpayment?2.) It sounded like you need a net worth equal to the purchase price of the property. Is this true? If so, can I have a guarantor sign on my behalf?3.) Is is the loan amount or the total purchase price that needs to be at least $1.3 million to qualify for these loans?ThanksAdam
The best thing you can do regarding CMBS is to call Pierce Redmond at Security Mortgage Group and ask him the questions. His number is (585) 423-0230. Conduit is so elaborate and customized that only someone who deals it in all day can give you accurate responses.
Adam, feel free to call or email us anytime.Pierce Redmond585firstname.lastname@example.org