5+ Unit 100% LTV
How do I get a 100% LTV on a 5+ unit building? I have a ton of people telling me they can get me 100% LTV on 1-4 unit but I am looking for 5+ unit.
I want to start looking at larger apartment buildings but want to have loan lined up in case I find a deal and have to act on it before someone else.
Any ideas?
I have my doubts about 100% of the purchase price (which is basically LTV prior to purchase) for an investor property. I looked at several 4 units and the financing was 80% LTV, not the 90% I was use to for investor properties. Getting 100% financing for any investor purchase is more loan officer fast talk than reality.
Brenda
i am a loan officer and its not fast talk. Its all about your score.
If you score over 720 the world is yours.
100% on a 5 unit imho needs to be 90% with credits equaling the other 10%. Dont see a 5 unit happening unless its set up this way. 1-4 units 100% can be had with great credit scores. I dont know of any programs for over 4 units unless you get seller credits back, to off set any $$ u may have to come in with.(I.E. The other 10%) Plus closing costs....
where is trevor btw?
Im in SE wisconsin. HI There!
[ Edited by m_anderson_101 on Date 02/26/2004 ][ Edited by m_anderson_101 on Date 02/26/2004 ]
Look for 100% CLTV programs and get 20% between concessions and a seller carry (6% concessions, 14% carry)
5 units and up require COMMERCIAL loans as apposed to RESIDENTIAL loans. It's not a bad thing....just different. It can be easier to get a commercial loan with crappy credit than it is to get a residential loan with crappy credit.
Have you asked if he'll carry the whole thing? How much equity does he have? Can he refi for his cash, and then carry 20% on the back end (which will later be subordinated when you refi). Find out what the seller is willing to do.