Posted by James Harris on June 05, 2007 at 12:37:05:
Up to 90%.
Financing for 5 condos? - Posted by Hart
Posted by Hart on June 05, 2007 at 06:07:45:
I’m looking at a deal for 5 individual condo units that would be sold as a package by one seller.
Could I obtain one loan for all 5 properties?
Would I need to seek commercial financing since it’s five “units” - even though each unit is technically a separate property with its own deed, individual taxes, etc.?
If so, would it make sense to technically buy 4 of the units in one transaction, and the other one is a separate transaction? Or would the acquisition costs for financing and closing make this approach too costly (The condos would be each valued at ~45-50K).
Would the closing/escrow process be especially difficult for something like this?
Any idea what I could expect for terms (w/ an LTV of ~75-80%?) Excellent credit, good cash flow.
Any help or suggestions would be greatly appreciated.
Thanks
Re: Financing for 5 condos? - Posted by zach
Posted by zach on June 05, 2007 at 11:40:05:
on a blanket loan your probably looking at 65-70% max on the entire purchase.
Re: Financing for 5 condos? - Posted by James Harris
Posted by James Harris on June 05, 2007 at 08:51:29:
Hart, can offer you a blanket loan. Drop me a line.