Need better financing for 4unit in Wiscosin - Posted by Bernard

Real Estate Investing Real Estate Financing
#1

Posted by Ben Carmona on April 10, 2007 at 21:40:12:

Bernard,

Aurora is definitely not the only investment lender that will go to 90%. I suspect that he is getting you 1 loan with no pmi.

With your score and being under 10 properties, you should be able to qualify for a combo loan. This would get the majority of the balance down considerably. Do remember though that rates on NOO will be a bit higher but you can compare them both.

Before anyone can quote rates there’s other critical information related to investment properties that would be needed.

Will send you an email.

Ben Carmona

#2

Need better financing for 4unit in Wiscosin - Posted by Bernard

Posted by Bernard on April 10, 2007 at 17:32:49:

I’m purchasing a 4 unit apartment for $260,000 in Wisconsin, with a 3% credit to buyer at closing. Rents are $650 x 4. I have a 750 mid. credit score and own 8 other properties. Does anyone know of a lender who has a better NOO stated program with 10% down than this one from Aurora:
30 yr. fixed @ 8.5% w/ paying 3pts. to buy down rate
First 5 years interest only
No prepay
I’ve been working with this broker for a couple years and he has always seemed to get me into great programs, but now is saying this is the best out there with 10% down and stated. I plan to buy and hold this property so I want to get the lowest rate possible. Can anyone else suggest any lender who has better programs right now. I can’t believe with my credit score and history of managing properties I can’t get something better than this. I would just hate to pay the 3pts and then want to refi into a better program down the road when I possibly have more cash avail. for down payment. Thanks for any help…bernard

#3

Re: better financing for 4unit in Wiscosin - Posted by MattG

Posted by MattG on April 13, 2007 at 13:28:34:

How bout 1.7% at 90% on an option arm ,or fixed 7.5% ?/ I have done both of these for clients this week.