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Updated almost 5 years ago on . Most recent reply
What did your finances look like?
I’m interested in multi family in the $1-1.5m range. One lender said I don’t have the personal income to support this (150-160k). I haven’t dug in to this yet or called other lenders, but I’m curious what other people’s income was when they were first approved for loans over $1M. I know partners are an option, but not one I want to use right now.
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#2 Land & New Construction Contributor
- Developer
- Charlottesville, VA
Originally posted by @James York:
I’m interested in multi family in the $1-1.5m range. One lender said I don’t have the personal income to support this (150-160k). I haven’t dug in to this yet or called other lenders, but I’m curious what other people’s income was when they were first approved for loans over $1M. I know partners are an option, but not one I want to use right now.
You will need the down payment, net worth equal to the loan amount and cash reserves for 12-18 months worth of payments right now. Best bet is to raise the capital and bring in a financial qualifier aka KP