Updated over 6 years ago on . Most recent reply
Financing a Multi-Unit Deal
I'm looking for options for financing a multi-family deal. Details about the property are as follows:
The property is an 8 Unit comprised of 2BR/1B apts.
It is located in Morganton, NC
The property of interest is full of renters. However rents are below average (according to rentometer). Property doesn’t need much TLC but with a little attention, rents could be raised closer to average.
The purchase price is $320,000. Current rents are $4500.
I have a salaried job plus commissions that I have been in for 5+ years.
My credit is between excellent and good. Biggest issue is length of my oldest account (I’m 29 and have only had my house for 5 years so not a “whole lot” of credit history)
Most Popular Reply
@Skyler Wheeler - we can assist with this financing. Depending upon the DSCR, your credit, the quality of the asset, and geographic location, you're looking at around 75% LTV. Morganton is a tertiary market.