multi unit properties for sale in Maine

Multi unit apartment buildings financing Maine

Kennebec Savings Bank is a true "portfolio" lender we've had great luck with. They are a good old fashioned portfolio lender and we cannot recommend them highly enough.

Kennebec Savings Bank
Dave Grenier / Andy Rhoads
226 Main St, Waterville, ME 04901
(207) 872-5563

We have been in touch with City Commercial Mortgage, who can do multiple building financing by combining several properties under one blanket loan. Contact info is listed below:

City Commercial Mortgage
Donna Cierpial, Vice President
1440 Broadway 23rd Floor
New York , N.Y. 10018
Cell: 732-581-3034
Office: 212-564-1257

Seller Financing

We are willing to extend a modest amount of seller financing, but under very strict terms.

Here is a sample deal that we could live with. Keep in mind that the portion we would seller finance is contingent on a full-priced offer. The amount we would be willing to seller finance would decrease in proportion to the reduction in the offer price.

Selling Price: $2,241,000
Down payment: $224,100
Seller financing: $224,100
Bank financing: $1,793,000

Seller financing + down payment = $448,000 which represents a 20% total down payment. So in effect you'd be able to put 10% vs. the usual 20% downpayment. We would hold a second mortgage and manage the properties for one year, free of charge, for full priced offer. Anything less than full price and we would charge 10% of gross income as management fee plus leasing fees. Contact us for more information or APODs