Suggestions for no doc/creative financing?

[Jessyca Tyler]

My husband and I own one STVR property in Florida.  The property has no mortgage.  We own our primary residence; it has a mortgage with about $250k worth of equity.

We would like to purchase a second STVR investment property in Florida, but we don't have much liquid cash for a down payment. I've talked to a couple of national private equity lenders, and it looks like we can easily get a no-doc mortgage to buy another property, but only with a 15% or higher down payment.  I want to reserve the cash I have available in order to have funds available for fixing up whatever property we buy.

I made some calls to local banks about getting a HELOC on our primary residence for down payment money, but I'm having trouble getting a loan secured. We have good credit (~750), but my husband is self-employed for less than 2 years, and our rental income on our investment property is less than 2 years. So the banks here only want to consider my income, which isn't getting us where we need to be. We have a great interest rate on our primary residence, so I'm not interested in refinancing with cash out.

Any suggestions on 'creative financing' for an equity loan or other down payment source are appreciated!

[Marty Sprong]

You asked for Creative Financing....

Another option is to bring in an equity partner to come in with that 15% (or more down).  You can also right in the agreement that you would be be able to buy them out after a period of time.