Financing 911 - Posted by Michael

Posted by Scot L on April 03, 2002 at 19:27:51:

Michael, you could get 100% financing with your scores, but since you have some money down (helps greatly on the rates) a 90-95% loan on both properties can be done. Feel free to contact me if you would like to discuss any of these options.

Scot L.

Financing 911 - Posted by Michael

Posted by Michael on April 03, 2002 at 17:23:06:

I just put in an offer for my first investment properties: a duplex (170k) and a triplex (200k) in the east SF bay area. I would like to put 10% down payment and have the seller and my lender split the remaining 90%. The seller would like to avoid carrying a 2nd (if possible) so that leaves my lender to finance the 90% which i don’t think they are quite willing (or able?) to do.

The triplex has a total rental income of $1900/mo and the duplex brings in $1400/mo. I don’t have the figures for expenses.

I also have a SFR that i currently live in, last appraised at 630k with a 480k loan (bought last year). And other than that have little other obligations. I have a steady high tech income for the last 2.5 years of 150k. I have a credit score of around 734, 729, and 644 last I checked.

Do I have any options?


ps: what’s a Hard Money lender? (pardon if this has been asked many times)