Obtaining Funds Fast
I have a chance to purchase a house that has 3-2 bedroom apartments and a working garage with four bays and a lift for 150,000.
This will not be available long. any help is appreciated. I have excellent credit and 15000 cash.
What is your question??
Give us some more specifics...
where is a good place to get financed and what kind of loan should i be trying to get.
its hard to believe that out of all the intelligent investors out there no one can answer these questions
The question you have asked is very vague and I'm sure that is the reason why no one has attempted a good response. The best responses come from specific questions.
First, the most logical approach is to submit an offer subject to financing contengencies. If it is really a great buy you may consider putting down your $15,000 in earnest money (make sure that the financing contengency says that you get that money back if you can't get a loan).
Immediately start working with a mortgage broker to try to get you a loan.
This is only the very tip of the iceberg. There are millions of ways to finance a property
More information is needed. FMV of the home? Rental rates for similar apartments in that area?
If you have excellent credit and 15,000 in cash, you should have no problem walking up to a bank and getting financing at a 90% LTV.
Contact a mortgage broker/loan originator and get started. But first, put the property under contract if you're serious about it.
Based on the information given, I would bet this property is zoned commercial. Before anything else can be done you will need to know type of property it is. If this is your first property, and it is commercial I don't see you getting 90% LTV unless you are secured your primary.
If you great credit you should start by getting a signature line of credit. That is where I always send people first. try your local bank.
Good luck
Lori
_________________
real estate investor since 1988. I like to find creative solutions for my real estate headaches before they become problems. Most importantly, MOVEMENT DOES NOT EQUAL PRODUCTIVITY[ Edited by tinman1755 on Date 04/14/2004 ]
thank you all for your advice
Hi Lori
Could you explain 'signature line of credit' to a newbie?
There are no dumb questions, right?
A signature line of credit is likely just an unsecured line of credit. Unsecured means that the loan is not secured by anything (real estate, car, other assets)
Good morning--
Have you tried the Lenders tab at the top of the page?