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Updated over 5 years ago,
I need a good bank to rehab a four plex? Any thoughts??
Hi, so I'm looking to rehab a new four plex property and I'm having problems with the loan terms that's being offered to me. So 7 months ago we purchased a four plex across the street from where this new property is located. The area isn't great and a lower income area but the property will cash flow around 1700 a month. I used a personal loan of 38k to acquire the property and I need around 30k to rehab it. I normally wouldn't have gone this route but due to the foreclosure cash only, bank owned purchase terms I had to look outside my norms. All in all a Great deal so I had to make a way to bid, and win. So I've considered putting a mortgage on the other four plex to gain the capital to pay off the loan and complete the rehab but would rather not go that route. I'm not into flipping that's not our model, we buy and hold for cash flow. So I need a good bank that's 30 year fixed 75-80 LTV with a minimum of 70k loan amount. Currently a couple other four plexus in the area have sold for 120-135k. Thanks for reading my post!