Looking for any advice please. After 90 days of escrow, my lender said my loan would not get approved due to “lack of marketability” of the investment property duplex based on appraiser not able to find any comparables sold in the last 12 months. Was looking to do conventional financing with 25% down for an investment property. The property is approximately 70 ft from a small electrical substation in a neighborhood of other duplexes in Florida. It’s a great deal and has years of solid rental income. It’s also across the street from an elementary school (caddy corner to the electrical substation). The seller has now offered to do seller financing as the lender has suspended the loan. Because this is my first deal, I’m hesitant because as I understand it, owner financing is predicated on finding financing prior to the balloon payment due. My question is: does anyone have any experiencing getting conventional financing for a property with similar characteristics or other un-marketable characteristics?
