Need to use Equity as a down payment. - Posted by G Darwish

Real Estate Investing Real Estate Financing
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Posted by john L on November 03, 2009 at 20:32:55:

could you send me the info also . im looking for a lender
willing to offer 100% financing on apt units. san
francisco bay area. thanks, john

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Need to use Equity as a down payment. - Posted by G Darwish

Posted by G Darwish on September 24, 2009 at 22:35:59:

I have duplex property almost free and clear worth 400 K, I need to find lender who would use the equity of the property as cross-coletral as a down payment.
I am interested to purchase a medical center which priced at 2.3 millions.it has 15 years lease term, 2 - 5 yrs option, with 1.75 % rent increase.it has a 9% cap rate.
I am looking for good lender who knows what to do :

  1. cross colateral the equity into the purchase contract as down payment1 15-20% of the purchase price.
    2)provide me with a loan 80-85% on the medical center, and roll in the closing cost.
  2. I have excellet credit, but existed income/debit ratio is bad, so it can not be used to support the deal.So the finance has to be based on the property, it self, new LLC will be established as a buyer.
    I am looking forward to hear from every who been there, thanks to all.
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Re: Need to use Equity as a down payment. - Posted by James Harris

Posted by James Harris on September 25, 2009 at 10:42:10:

G. Sounds like you should be looking for a commercial lender. You may be able to add the income from the med center as income for yourself to help you look good.

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Re: Need to use Equity as a down payment. - Posted by G. Darwish

Posted by G. Darwish on September 25, 2009 at 11:19:20:

Thanks for your reply, but it was posted in the commercial area for the pro. to respond. most definitly the the assest income is what they are looking for and the tenant’s credit and length of lease and …but also they like to look at the buyer credit and income which is difficult to some of us.
Thanks
Thanks

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Re: Need to use Equity as a down payment. - Posted by James Harris

Posted by James Harris on September 25, 2009 at 11:25:33:

Then, I have a program that you maybe interested in. I will send you the guidelines to your email address.