100% Financing on Investment Propert - Posted by Tim M

Real Estate Investing
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Posted by Jeff on November 19, 2002 at 14:56:56:

I’ve always heard that you need at least 5% down for a NOO property. If you are able to put this deal together with less then 5% or 0% down, let me know how you did it. Yeah, you could bring in a partner for the down, but then you have someone else in the deal and you have to share in the profits as well.

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100% Financing on Investment Propert - Posted by Tim M

Posted by Tim M on November 06, 2002 at 14:39:18:

I am trying to obtain 100% financing on a 4 family in NY. The property is selling for approx 400K. I came across one lender who had an investor who was willing to give me 9.25 on the first 80 % and 14 % on the next 20 % of the sale price. This is a little tight on cash flow. Any Suggestions?

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Re: 100% Financing on Investment Propert - Posted by MARK CONNOLLY

Posted by MARK CONNOLLY on January 06, 2003 at 18:16:36:

HEY, IF THE SELLER IS MOTIVATED AND YOU CAN WIN HIM OVER W/ YOUR STRONG DESIRE TO PURCHASE TRY THIS. GIVE THE PROPERTY A REAL GOOD LOOK OVER SEE IF YOU CAN FIND ANY PROBLEMS STRUCTURAL, ROOF LEAKS, BOILER, ECT…
IF YOU FIND SOMETHING ASK THE SELLER TO APPLY FOR AN INSURANCE CLAIM. 5% OF $400,000 CAN GENERATE RATHER QUICKLY AFTER AN AGENT PAYS A VISIT. REQUEST THE SELLER TO SUBTRACT THAT AMOUNT FROM THE SALE PRICE AND BE CREATIVE W/ YOUR WORDING TO THE LENDER.

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Re: 100% Financing on Investment Propert - Posted by Heidi White

Posted by Heidi White on November 07, 2002 at 11:47:38:

I’m not sure about this, but I think most NOO loans require 30-40% down. If you don’t have the money for the down payment, perhaps you can find a ‘partner’ who would be willing to share in the cash flow and depreciation in exchange for putting up the cash. Then, assuming you have decent credit and the property shows strong cash flow - you should be able to get a decent loan.

Heidi White

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Re: 100% Financing on Investment Propert - Posted by Tim m

Posted by Tim m on November 07, 2002 at 12:48:50:

Thanks Heidi

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Re: 100% Financing on Investment Propert - Posted by jerry bugher

Posted by jerry bugher on November 10, 2002 at 18:24:14:

I’m a mortgage broker that can and have been able to 95% finance NNO’s. The rates are not the greatest but if the cash flow is there.

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Re: 100% Financing on Investment Propert - Posted by Gary

Posted by Gary on November 12, 2002 at 15:50:40:

There’s a new site out there that allows you to state exactly what type of loan program you’re looking for. You can even say what interest rate you want. It’s pretty cool, it’s like a priceline.com for the mortgage industry (except you don’t provide them with a credit card). The URL is http://www.dictateyourrate.com

I came across the site cuz I was shopping for rates and they said that they can beat the best offer that I had received from other lenders. It’s not the most professional looking site, but it got the job done. I’m currently in process for a 30 year fixed at 5.75%! Good luck!