How do I finance this? - Posted by Rich Hyams

Posted by JT on August 28, 2004 at 12:13:06:

I also have a great credit score and some cash reserves. How exactly would a seller finance the other 10% (down payment) so I wouldn’t have to use my own money? Would the seller have to write a check for 10% to pay off his mortgage? What if the seller wanted some cash? If the seller will not finance the 10%, what other options are there if you don’t want to use your own $ for the 10% down payment?

Jim T.

How do I finance this? - Posted by Rich Hyams

Posted by Rich Hyams on August 22, 2004 at 22:23:13:

I have an accepted offer of 178k on a fourplex that is leased at 2275 a month, It will be 2400 a month once the last of the four 2/2 units is rehabbed. They are all currently rented. The best sale I have of a comparable unit is 173k over a year ago. There are five similar buildings on this neat street. One othere is for sale asking 225k.

We are in Titusville, Florida, I know we are at the fourplex line and that conventional lenders want to see 20% down, I will do that, but I would prefer 100% financing since it cash flows so well.

Got GREAT credit, 765 middle, what is the best way to finance this?

Re: How do I finance this? - Posted by evo

Posted by evo on August 24, 2004 at 21:47:55:

There are very few lenders that would do 100% financing for N/O/O 4 units. Email me if you need help getting 100% financing.

Re: How do I finance this? - Posted by James Strange

Posted by James Strange on August 23, 2004 at 09:16:00:

100% on a 4 plex usually requires private or Hard Money with a high interest rate.

Conventional with 10% down usually works out very well.

Re: How do I finance this? - Posted by Jesse

Posted by Jesse on August 23, 2004 at 07:18:32:

With your credit scores, you can get 90% LTV with no problem. Ask to seller to finance the other 10% so that you only have to pay for closing costs. I’ve done a few loans for investors similar to this.