Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. 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 8 years ago on . Most recent reply

User Stats

224
Posts
45
Votes
Tzvi Balsam
  • Investor
  • Brooklyn, NY
45
Votes |
224
Posts

Need hard money for buy and hold on a great deal.

Tzvi Balsam
  • Investor
  • Brooklyn, NY
Posted

I was speaking to a company and they told me they only do 2-4 Unit property's 

I am looking for 350K Loan, for a 6 Unit that is like 80 Percent LTV and I need it fast. Looking to pay like 10 Percent interest but do not want to pay points, Any advice would be great.

Most Popular Reply

User Stats

5,713
Posts
8,861
Votes
Don Konipol
#1 Innovative Strategies Contributor
  • Lender
  • The Woodlands, TX
8,861
Votes |
5,713
Posts
Don Konipol
#1 Innovative Strategies Contributor
  • Lender
  • The Woodlands, TX
Replied

Whether and what type of financing is available will depend on the answer to these questions

1. What is the condition of the property?

2. How much of your own money are you putting into the purchase?

3. How much rehab is needed?

4. What is is historical and current occupancy rate?

5. Is the neighborhood aprreciating, holding steady, or in decline?

6. What is your credit history?

7. Are the last two years financial statements for the property available?

8. What is the operating income of the property?

9. How strong is your personal financial statement?

10. What is your experience level with multi family real estate investment?

As the positive answers to the above questions increase, your funding options get greater, your interest rate and points decrease, and your chance of funding increase.  As the negative answers grow greater, your options narrow, money becomes more expensive, and your chance of funding decrease.

  • Don Konipol
business profile image
Private Mortgage Financing Partners, LLC

Loading replies...