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Updated almost 8 years ago,
Have u ever taken bank "personal loan" to help fund down payment?
I have a relatively small rental portfolio by properties, but have come across an amazing multi-family.
I'm typically very conservative in my investments, but to make the 20 or 25% downpayment, I don't want to sell stocks or borrow from my 401k.
1) have you ever taken a "personal loan" from a bank to help fund a downpayment? Typically the interest rates are around 7% for a 36 month term.
2) if you've done this, have you taken out multiple? Banks offer maximum amounts sometimes in the $35,000 range or $50,000 range depending on the bank, maybe more. Could I, for example, take $35,000 from one bank and take out another loan of $50,000 from another bank to make up $85,000 of the 25% downpayment?
My credit score is will over 820 and i have a 7 figure portfolio and could pay the $85,000 back in probably 10 months pretty easily without having to sell stocks or refinance properties to quickly get into this multi family investment.
Thoughts?