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Multi-family Property PDF Print E-mail

 

multifamily unitMultifamily property is a classification of housing consisting of multiple separate housing units for residential inhabitants; they may be contained within one building or several buildings within one complex. Common forms include apartment buildings, condominiums, townhouses, and co-housing projects.

 

A multifamily property eligible for commercial financing must have at least 5 or more units for residents seeking permanent habitation. Key considerations for commercial loan approval include: the number and length of signed leases; historic vacancy rate; the configuration of the units (typically number of bedrooms and bathrooms – variety is better); public facilities like pool, clubhouse, and tennis court; access; location relative to employment, shopping, or community attractions; utility configuration – separate or combined; deferred maintenance fund; monthly maintenance fee; and whether the property is professionally managed.

Last Updated on Wednesday, 11 September 2013 16:36
 
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