Posted by youngsterz (UT) on March 15, 2002 at 24:54:55:
It should be easy to get 80% LTV financing on these properties, and pay no more than 7.5% on 30 yr amortizations. You can even go 90% on 1-2 units for the same rates, but then you would be facing PMI, and that should be avoided.
Check other lenders. You can do better than 8.5%. You’ll still face a point or two in non-owner occupied fees, but to pull out a chunk of money, it’s worth it.
Good luck!
Need financing on rentals - Posted by Randy_OH
Posted by Randy_OH on March 08, 2002 at 17:10:51:
I have four houses I have bought using a home equity credit line so they are free and clear. I need to get them financed so I can buy more houses. They are mostly foreclosures that I have fixed up and rented. They are also 80 to 100 years old. I can get 80% LTV financing at a local bank at 8.5% for 15 years. I am okay with 8.5%, but the 15-year term kind of kills my cash flow. I have good income and excellant credit. The properties are in a small town in OH. This is the first looking I have done on the internet. I have heard of Lendingtree.com. Any suggestions? Will any lenders go 30 years on homes this old for investors? I know they do for owner occupieds. Any suggestions would be appreciated.
Randy