Posted by Baron on February 24, 2004 at 18:13:40:
They want to see cash reserves for loan paymnets, insurance, repairs, etc.
Help me to understand financing - Posted by Brian W(IL)
Posted by Brian W(IL) on February 24, 2004 at 17:58:51:
I am currently trying to get financing for a 4-unit property and 2-unit. They both are being sold for $165k(private seller). I talked to my finance company and was informed that I am approved for any type of financing(100%, 90-10,80-10-10, etc.), as long as I showed in the bank some of my own money during the process, even though I wouldn’t actually have to use the money. The owner is willing to finance the remaining percentage that is needed to fund the deal. My question is, if I were to take on the 100% or 90-10 financing, why would I need to have any of my own money in the bank? I’m looking to possible get these properties as a “No Money Down Deal”. My credit is good and the property numbers are good. Can someone please help me work this one out. Thanks
Re: Help me to understand financing - Posted by vladimir(IL)
Posted by vladimir(IL) on February 24, 2004 at 21:02:53:
From what I understand, most lenders require that a downpayment may not be borrowed funds.