Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 8 years ago,

User Stats

649
Posts
52
Votes
Steve S.
  • Dallas, TX
52
Votes |
649
Posts

Have u ever taken bank "personal loan" to help fund down payment?

Steve S.
  • Dallas, TX
Posted

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?

Loading replies...