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Updated about 9 years ago on . Most recent reply
How to finance a concurrent close (15 SFRs) w/ conventional finan
Hello everyone,
Curios if anyone can help me figure out if it is possible to finance a concurrent close on 15 or so SFR's (different sellers) using conventional financing (assuming the borrower has good credit, reserves and 20% down for each property)??????????
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
A credit union (STCU- in Spokane) just financed a multiple, concurrent purchase with different sellers Dec 4th. I was one of the sellers.
Like @Wayne Brooks mentions, they will hold in their lending portfolio. It was cool. The buyer was $20k short on DP funds at the 11th hour. One seller was able to come in with the $20k to make the buyer whole while everyone else was funded. No way a conventional lender would have allowed that. Small portfolio lenders rock!