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Updated over 7 years ago,
Seller Financing Refi
Hi All,
I am a RE investor who primarily invest in the Akron, OH area. I am currently in the process of closing on a seller financing deal for $707k across 14 SFR and 2 duplexes making $130k gross a year in rent. The monthly payments will be based on a 30-year amortization schedule at 5% interest, but the agreement with the seller is a 24 month contract with a balloon payment at the end. The goals is to finance out of this using a bank or other portfolio style lending.
Does anyone have recommendations on banks that would fund this deal after 24 months? There will be about $140k in equity when I am ready to finance at 24 months. Most of these homes are C- or D+ neighborhoods with longer term tenants.
Any help would be greatly appreciated.
-Justin Carter