Updated over 4 years ago on . Most recent reply
Financing property in Cleveland
Hi All, I Hope everyone is well. I've a situation in hand. A property in Cleveland has an SFH and a duplex on the same parcel. Totally rehabbed and renovated, the inspection report is clean. My regular Financers are not ready to finance it and a private lender is asking interest rate of 4.75%. Please suggest what can I do best here? God bless.
Most Popular Reply
That can be financed as a residential 3 unit. The only issue is finding acceptable comps. Usually, the lender will want one other property with similar two buildings on one lot. Although there are a lot of properties like that in the Cleveland market there is no filter in the MLS for the appraiser to search it.