Financing a 12 Door Unit?

[Paul Sassin]

I have an opportunity to buy a 12 unit property in michigan. This would be my first property larger than a duplex. It’s $670,000. What are my financing options? Adjustable mortgages make me nervous...

Thanks!

Paul

[Dan Gamache]

@Paul Sassin In case you have problems getting financing with banks or credit unions. Private Lender will finance this type of transaction with 25% downpayment and no income documentation (underwriting will base approval off cash flow of property). Rate will be in range of 7.25%-7.875% with 1.5-2 points (depending on credit score). This is a 24 month Interest only balloon mortgage (12 month extension available) with the thought that you can refi into bank loan once you've owned for 2 years.