All Forum Posts by: Yusuke Koike

@Yusuke Koike We do offer HELOC for investment property in IL but in selected counties.

 Yes and its not even close. Few years ago money was easy to find and people were investing left and right. Due to many deals going bad and banks tightening their lending those trying to raise capital today are learning how hard it truly is. Of course it also depends on how much you are looking to raise. 

@Yusuke Koike

Are you looking to invest in crowd funding or raising money from crowd funding

If you are looking to raise money, now is one of the most difficult and challenging times because money is very tight and even the most experienced sponsors are struggling with capital raise / for those starting out it will be a significant uphill battle

You would assume the remaining 265k with the same interest rate. You need to put down the 45k. 

You need seasoned money to put down, which means money which was in your bank account 2 months at time of closing. If you get a loan now to make this deal work, the deal is most likely gone. You also need to qualify on FHA terms. Since you already have a small condo, this would not be your first home, so I doubt that you would qualify.

I assume you're going to disclose the proposed 2nd mtg to the first lender and not do a "secret second" to be closed and recorded outside of the 1st. I believe the 1st lender will take the 2nd mtg debt into consideration when calculating the LTV and DTI ratios.

Hi Yusuke, 

As others mentioned, this would be fine. However, I am wondering what the benefit of using seller financing would be, when typically the rate would be similar to that of a regular mortgage. Is this going to be an investment property or your primary residence? There are plenty of options to put 10% or less down if it's a primary residence, and I even work with 100% LTV FHA loans.