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Updated over 8 years ago,
Mortgage for a brand new LLC with significant downpayment ?
Hello,
I was looking at few properties in Detroit with very good cash flows. While I have most of the money, I am still curious if it is possible to get mortgage against entire portfolio since they are 30-40k houses. I am NOT a US citizen but have excellent Canadian Credit and can get GC if it helps. Total amount is 200k.
Ideally I would be looking for a mortgage at 20% downpayment, but even if I have to go till 40%, that will still be a good deal. Secondly, what are the usual terms of mortgage ( Rate & length?)
In addition, if mortgage is not a possibility, is it possible to pay full in cash & then refinance the portfolio immediately ?