Financing in Philadelphia>Question Details

Benjamin Sha…,  in Philadelphia County,...

I am building a large triplex in U-City. Anyone know of commercial bank that will lend on residential multi's, with appraisal based more on?

Asked by Benjamin Shafer, Philadelphia County, PA Tue Mar 29, 2011

income? Property is 4,200 sqft. and will have income of over 5,200/mo. Highest comps. are in mid fours.

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There are a laundry list of banks that would be interest in your type of project. The lenders I would target are the small.medium size banks. Hyperion, East River, St. Edmonds, Prudential Savings, 3rd Federal, Valley Green, Beneficial, Conestoga, Sharon Savings or Niagra. The Debt Service Coverage Ratio is the important factor for most of these lenders.
0 votes Thank Flag Link Tue Mar 29, 2011
try st edmonds, td bank, valley green bank and any west philly community banks....depending onthe type of housing you may qualify for a loan from HUD
0 votes Thank Flag Link Tue Mar 29, 2011
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