Posted by dell-ohio on July 20, 2003 at 20:22:29:
Look for a local/regional bank that makes commercial loans (aka portfolio lender). With that kind of equity and cash flow you should not have a problem getting financed.
my viewpoint
dell-ohio
great deal, trouble financing! - Posted by Scott
Posted by Scott on July 20, 2003 at 19:41:48:
I currently own two homes (about 500K total) and together they push my debt to income ratio to the max. Yesterday I ran across a great deal on a house but I’m not sure I can secure the financing to make it happen. The seller wants 100K of their equity up front and will carry the rest for 6 years. Purchase price is 210K (option to purchase at this price within the next 6 years) with a market value of approx. 230K. I begin paying their mortgage of $860/mo. + the new 100K mortgage for a total monthly payment of $1400/mo. I have a tenant/buyer on a lease option ready to pay 1900/mo. with a two year option to purchase at $250K. But now my regular mortgage broker is telling me she doubts she can add another home loan to my credit even though the house has an attractive 43% loan to value ratio. Any advice and/or alternatives would be greatly appreciated.
Thanks,
Scott
Re: great deal, trouble financing! - Posted by Angie (NY)
Posted by Angie (NY) on July 21, 2003 at 12:57:19:
I may know of a person who can work with you. Email me back to discuss
Re: great deal, trouble financing! - Posted by James Strange
Posted by James Strange on July 20, 2003 at 23:11:25:
Is the seller willing to be in the second position?
James Strange
reiloans@liborhomeloans.com