jumbo loan financing in LA

[Casey B.]

Hi. Im looking for options to finance a 1.6 million dollar property in los angeles with probably 50-100k in renovation costs with a friend. It is a single family residential unit with a separate studio that one of us could live in to make it owner occupied. We could make it work with 10% down but banks ive called are telling me 20% minimum down. Ideally would like to include renovation costs in loan and avoid pmi. Any thoughts would be appreciated?

[Eric Dowling]

@Casey B. you are going to have a hard time finding a bank to do 10% down and finance the reno as well. There are lenders doing 10% down however, but they won't finance the renovations.  Have you looked into hard money? What are you looking to do with the property? Buy and hold or live in flip?