Bank loan for half of money for apt. house - Posted by mike

Real Estate Investing
1

Posted by mike on June 22, 2003 at 13:51:33:

Thanks for the replies!!
Yes we will live in the property and rent other 2 out. What would you guys do in my case, get your own loan or get a 50% LTV and do 50% owner financing? And how should I ask for the owner financing…interest only for a few years or interest with payments with balloon?

Thanks alot guys,

mike

2

Bank loan for half of money for apt. house - Posted by mike

Posted by mike on June 22, 2003 at 24:39:38:

Hi,
I am looking at a 3 family house fsbo for 129,000., and the owner will carry half the price back as mortgage. Can I get the other half easily from a bank? Can anybody please advise?

Newbie Mike

3

Re: Bank loan for half of money for apt. house - Posted by JJ

Posted by JJ on June 22, 2003 at 13:41:46:

Mike:
You did not mention whether you are onwener occupying the property or not??
If you are able to qualify, we can do 100% LTV loan for 1 to 4 units. Owner occupied gets you better rates, easier to qualify. Non owner 100% LTV is also possible.

But if your seller must hold a second, the loan is also fairly easy to do. Let me know if I can help you further (mygenesis@hotmail.com)

4

Re: Bank loan for half of money for apt. house - Posted by Tom (WA)

Posted by Tom (WA) on June 22, 2003 at 12:06:22:

Mike,

As long as the seller is willing to hold a 2nd, behind your new 1st, it should be pretty easy to do. The seller is the most likely candidate to hold a 2nd as he has something to gain, i.e. the money from the 1st and he gets out of the property. Also, he is the one who knows the property. Most other lenders are not willing to have the exposure of a 100% loan.

Good luck, Tom

5

Re: Bank loan for half of money for apt. house - Posted by Brent_IL

Posted by Brent_IL on June 22, 2003 at 07:53:52:

If the seller is talking about a junior loan, or if you can invoke substitution of collateral, a 50% LTV loan would be fairly easy for a bank to approve. Lacking credit, an equity lender (hard money) is an alternative.

If the guy wants a first, it doesn?t mean too much because you?ll be searching around looking for a low-cost, high LTV second.