If your question is regarding financing of the duplexes, with credit scores in the 640-660 range, you should have no problem getting a 95% NOO loan (based on purchase price). Just check with some mortgage brokers in that state. Might not be able to do them all with same lender as some lenders put low limits on how many NOO properties they will do for an individual.
Since you are using the term “credit lines” I as well as others here are assuming you are looking at how after the purchases are complete, you can take advantage of the large amount of equity you will have based on the appraised value. As Mark said you may be able to do a cash out in the first year for 80%. However, you will probably find it difficult to get more than 80%. I know there are a few lenders out there that will do higher cash out with less than 12 months seasoning. I have found the rates to be higher than I care to pay.
I am in the process of buying 7 duplexes at 90k and the appraisal will be around 140 to 150K. Does anyone know of anyone who specializes in Credit lines on small non-owner occupied duplexes and fourplexes? Thanks for your assistance
This package is located in Missouri. I’m also looking at packages in Texas, New York and Florida. I’m looking to find out the LTV level, interest rate, and terms. Thanks for your assistance.
–Kevin