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Updated over 6 years ago on . Most recent reply
Looking for Loan to add to my portfolio - Multi-Unit in Detroit
Hey Everyone!!
As some may know here, I have invested in Detroit in past 2 years (buy n hold) all cash deals .
Now we looking to go into commercial properties or buy a package of homes leveraging a loan.
I like to get details on the loans avail from members here.
I can give you example what we currently looking into and our situation.
Credit score 680-720
Cash in Hand: 60k+
Own 2 LLC with multiple producing properties in each.
We are looking at this 20 unit building in Detroit. Asking Price $189k.
Rough Estimate 200k Rehab is needed.
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Question I have to start:
Do you provide similar loans like 203k loans that includes renovation? Terms? Interest rate? Downpayment?
If approved, how long do I have to use it if I am still searching for right property to purchase?
HJ Bercy