Posted by Nicole Ferguson on July 17, 2005 at 22:54:25:
First question: How good is your credit? If it’s excellent, let’s say you get a 90% CLTV if we can get the seller to carry 10%. You’re looking at roughly 3 million, carrying 10% yourself. If the seller won’t carry a percentage, lower your purchase price to about 1.5 million. Once again, assuming you have good credit.
If your credit isn’t so great, automatically assume a lower LTV. Safely speaking, with a large chunk like that to put down, you’d have no problem with anything around a million and under. With horrendous credit, you could even go hard money at about a 50% LTV and purchase something around $600K.
I do commercial financing, so let me know if you have any other questions. nicole.ferguson@alg123.com