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Updated over 8 years ago on . Most recent reply
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Need hard money for buy and hold on a great deal.
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
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- Lender
- The Woodlands, TX
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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
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