Financing Equity from Assumable Mortgage

[Brady Hauch]

Hey all,

I'm looking into assuming the mortgage on my sisters house and am struggling to figure out how to finance the equity that I would have to come up with to make the deal work. Some details on the deal below:

Mortgage rate on the property: 3%

Monthly mortgage payment: $1200

Amount owed on mortgage: $230K

Current property value: $370K

Equity: $140K

Due to the low mortgage payment and high rent potential in this neighborhood I would like to assume this loan and rent this property out as a long term rental. I am trying to see if the numbers still make sense to do so after financing the equity portion that I would owe my sister.

Any thoughts on how I can finance the $140K in equity I would owe my sister? I tried speaking with several lenders and they were unable to help me with the deal. Any advice/ suggestions would be much appreciated!

Thanks,

Brady