All Forum Posts by: Tyler Derickson

I've been getting around 4.25-4.75%, 20 yr amortization, rate readjusts at year 5 with balloon in 10 yrs. The better rates have typically come from my local banks familiar with the area.

I have a property under contract in which I'm looking for alternative ways to finance it without the traditional 20% down. I have a property which I got under contract for 65-70% appraised value while being 93% occupied and 10.5% CAP rate in a solid B area with no deferred maintenance. Currently, I can only come up with roughly 50k of the 200k the bank is looking for the down payment (80% LTV) and seller is not willing to carryback. I was given 1 option from the bank which was to partner with someone who has the money. What other methods could I use to finance a property that already cash flows and buying it under current market value? Could I get a hard money loan on the appraised value? Or is splitting the equity the best solution giving the circumstance? I just don't want to give up equity, especially while on day 1 I'll be walking into $450k of equity and can cash flow the property at 100% financing with a DSR of 1.3! Thanks BP!

loopnet is a great resource. Contact the broker on Loopnet asking about other properties they have listed or coming  that fit what your looking for.