At least once a week, someone posts to the commercial newsgroup seeking a way to finance 100% of the acquisition cost for an income property. I suppose it is fueled by the late night infomercials touting no money down deals and using pictures of Class A apartment buildings, never saying the one describes the other, but leaving a strong impression that that is the case.
Apartment building loans are a lot like other residential real estate financing. It all starts with a property, borrower and lender, and it all ends, if all goes well, with a closed loan and newly purchased or refinanced property.
At an average cost of $531,373 per unit – with many apartments costing more than $600,000 each – building costs of many of.
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