Posted by JcT on January 01, 2002 at 09:20:42:
Trevor is proposing an interesting alternative to those owners not comfortable with “owner finance” idea. Very few owners actually know enough to thin they are legally allowed to do that … and even if they know that much, they still don’t like to be “tied” to the property after the sale.
Thanks
LTV for 4 unit question - Posted by Trevor -IN
Posted by Trevor -IN on December 29, 2001 at 16:54:48:
Hi, I recently posted a question that got absolutely NO replies. The thread is located at:
http://www.creonline.com/commercial-real-estate/wwwboard5/messages/4635.html
I don’t kow why I didn’t get any responses, but I’ve been thinking about alternative solutions to the problem. The seller owns a 4 unit and is planning to move to FL but wants to sell and cash out before leaving. I’ve inquired about owner financing but he wasn’t really sold on that. Now, after some thinking, I was wondering if he could simply refinance his 1st and 2nd to pull out his equity and then I could simply buy “subject to” the new loan. The only situation I had was with regard to the LTV for a 4 unit in which the owner wants to pull cash out.
Will the lenders go to 80% on a 4 unit? He currently owes 92k total and is willing to sell at 120k, which gives him 28k equity. Also, would it matter much if the place was “owner occupied”?
Thanks and have a Happy New Year!
Trevor
Re: LTV for 4 unit question - Posted by ED
Posted by ED on January 02, 2002 at 03:35:35:
I LEFT YOU E-MAIL FOR HELP ED @ 561-818-2553