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Updated over 5 years ago,
Looking for financing for 10 single family rental purchase
Looking for options to finance 8-10 single family long term rentals from an individual. Total purchase price of around $550k. Properties appraise for around $625k. I can put 25% down but a large portion of that is from a HELOC. Properties are in NC. 740+ beacon, $100k+ W2 job(15 years). I am open to a short term loan so I can increase rents or a 30y fixed(preferred). One lender loved the deal except a couple of the properties had a sales price under $60k and they didn't like the HELOC down payment. Any suggestions on lenders that might do this? Thanks.