Posted by James Strange on June 06, 2003 at 19:45:02:
Sorry I was not aware that you were talking about a commerical deal.
Need Creative Financing - Posted by Bimal
Posted by Bimal on June 06, 2003 at 12:32:36:
Hello!
We have purchased a multifamily in Wisconsin and looking for a financing with 5% or 10% down. Property cash flows very nice, but bank approved our financing with 20% down.
Looking for financing amount $2,800,000.
Have heard about private investors in the past, that may be willing to finance at 5 or 10% down.
Any suggestions, recommendations!
Thank you very much.
Re: Need Creative Financing - Posted by dell-ohio
Posted by dell-ohio on June 06, 2003 at 21:41:06:
Have you asked the owner to carry some of the downpayment?
We have done this on a number of smaller multi-units. Six to fifteen doors.
dell-ohio
Re: Need Creative Financing - Posted by James Strange
Posted by James Strange on June 06, 2003 at 15:43:58:
How many units? How is your credit and income?
If you have decent credit and income you can do this with 5% down. You will get a better rate with 10% down.
You don’t need a private investor to do this.
Re: Need Creative Financing - Posted by bimal
Posted by bimal on June 06, 2003 at 16:23:14:
James,
Please let me know how we can explore this further.
It’s 65 units. We have very good credit. and property cash flows very nice after paying all expenses and debt service assumed at 95% financing.