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
There are other good banks here in the Waterville area. Though we certainly would not dictate which bank you use, we would rather not deal with Skowhegan Savings Bank. We've had two buyers find them completely unacceptable, citing impersonal treatment and profound disorganization.
We may be willing to offer SOME seller financing as long as your credit is ridiculously fantastic. (750 or higher FICO, good history). In other words we're only willing to offer seller financing if you don't actually NEED it, but would like to use it as a tool. The most common is the following: Traditional investment property financing requires a 20-25% down payment. We would be willing to finance 10% so that your effective downpayment would be 10-15% vs. 20-25%. Terms are 30 year amortization, 6.5% interest, balloon due at end of 5 years and we can do "interest only" if desired, to help nudge your cashflow even more. Contact us for more information or APODs