You can probably get 90% LTV if the seller will hold a 20% second mortgage. The rate will not be as low as an 80% LTV, but as was stated, you are asking a lot. Is it investment or will it be occupied by any owner entity? If it is strictly residential ,100% is more attainable.
Can the buyer(s) show income? Their credit would probably need to be above 680 on a highly leveraged deal.
-Jim
Thats very helpful. The property in question is a big old vacant loft warehouse that I would probably chop and rent as either workshop space or artists lofts.
You said "The area is spotted with rehabbed wharehouses, mostly lofts, " Has that model done well? are the lofts selling/renting and do they look full?
You are asking for a lot. Either the buyer is a person with great credit or a company that can truly afford the debt service.
Such a deal is not that likely.
How about you carry back some of the purchase price?
John
[addsig]
You can probably get 90% LTV if the seller will hold a 20% second mortgage. The rate will not be as low as an 80% LTV, but as was stated, you are asking a lot. Is it investment or will it be occupied by any owner entity? If it is strictly residential ,100% is more attainable.
Can the buyer(s) show income? Their credit would probably need to be above 680 on a highly leveraged deal.
-Jim
What is a commercial condo?
Do you mean an office-condo? (which is commercial)
Or do you mean a condo for people to live in? (which is residential)
If commercial, there is no such things as a 100% first mortgage, and rarely a 100% CLTV.
If residential, then certainly a 100% first mortgage is available.
definitely would like more information on this. Please feel free to email me at **Please See My Profile** with more information on this.
man.. i hate it when these 1st time posters come asking for heaven + earth...
Dennis,
Thats very helpful. The property in question is a big old vacant loft warehouse that I would probably chop and rent as either workshop space or artists lofts.
You said "The area is spotted with rehabbed wharehouses, mostly lofts, " Has that model done well? are the lofts selling/renting and do they look full?
Mark
Happyworm.. go get a book and start reading. Your question opened a whole can of... worms. *chuckle*
I recommend this one:
http://www.amazon.com/gp/product/0793195160?ie=UTF8&tag=xanga04e-20&link_code=as3&camp=211189&creative=373489&creativeASIN=0793195160