Posted by youngsterz on July 06, 2002 at 17:44:46:
Two thoughts: 1) Check with other mortgage lenders, because I’m surprised that you can’t find a number of lenders who would love to make a 70% loan on a non-owner-occupied investment property, assuming the financials look OK, and that the issue doesn’t have more of something to do with your own complicated financials (no offense intended!)
- You could look into buying them outright with your own cash reserves, then doing a cash-out refinance to pay back your equity line of credit. As the owner, a refinance should be easier than a purchase loan.
Find another lender who is a little more creative. . . .
Mortgage Broker couldn’t help me Can You? - Posted by Doug from Stockton
Posted by Doug from Stockton on July 05, 2002 at 13:01:46:
I just found this forum, you might be my last chance…
My wife and I are in the process of closing on 3 condos in our area. The complex has 220 units of which we own 19. (the additional 3 will give us 22.)
The condos we are buying are the second leg of a 1031, the purchase price is $31,333 for each or $94,000 for all 3. With 30% down with my 1031 funds, I am looking for a loan in the neighborhood of $65,000. BTW my wife and I have FICO scores in the 700s and have low 6 figures of equity in our investments. However…
Here is the challenge…the complex is 80% non-owner occupied. That is the reason why I haven’t been able to get a loan. Granted, I have the equity credit line on my home so I can pay cash to buy these condos outright, so all is not lost, but why use my own, when I can use OPM. My local mortgage broker with 20 years expierence called the other day and told me he couldn’t find anyone willing to finance me. I found that amazing.
Thoughts? Suggestions?