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.
Private Lending & Conventional Mortgage Advice
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 over 9 years ago,

User Stats

9
Posts
2
Votes
Kyle Wright
  • Accountant
  • Bonney Lake, WA
2
Votes |
9
Posts

Multi Family private investor

Kyle Wright
  • Accountant
  • Bonney Lake, WA
Posted

Hi All,

I'm looking into purchasing a multi family property with owner financing. However they want a down payment, in addition to the wholesaler's fee for a total of 70k. Is there a site/business/bank that specializes in unsecured loans for a down payment? I'm hoping to find a 5 year loan at 5-7% for the 60-70k or 90% LTV.

A little background is:

I have a duplex now, but only about 15k of equity. I've also got some cash but not enough for the full 70k. The property i'd like to buy will cash flow as it grosses 4,500 -5,000 per month and would sell to me for 350k. 

I've looked at SoFi.com but it appears that the "personal loan" they offer can't be used for the purchase of a house. In addition since I wouldn't live in it, just manage it, that excludes some other sources that I know of. 

 Looking for the name of a bank or site that would facilitate the deal. I'm starting to look at crowd funding however not sure the rules have changed to allow this to happen.

Any ideas would be helpful. Thanks.

Loading replies...