Need financing for a 4 unit in NYC - Posted by Gil

Real Estate Investing Real Estate Financing
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Posted by Frandyco on July 07, 2003 at 23:07:38:

Try private lenders, most of them understand the tax issue. For example, we all know doctors/physicians are high income, but many of them are self-employed, and for tax purpose, their taxiable income may even show negetive after deduct all the expensive medical equipment depreciation and other cost.

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Need financing for a 4 unit in NYC - Posted by Gil

Posted by Gil on July 07, 2003 at 12:58:10:

Does someone know who could finance a 4 unit residential in Brooklyn, NY? Purchase price $535k. I need a No Doc / Investor loan at 90% LTV.

I’ve tried a few brokers to no avail. All max at 80% LTV.

I have a great property but do not want to plop down 20%.

Please Help.

Thanks,
Gil

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Re: Need financing for a 4 unit in NYC - Posted by James Strange

Posted by James Strange on July 07, 2003 at 18:42:57:

I do not belive that you will find a do doc to 90% on this deal. Stated perhaps but not no doc.

If this is a great deal why not go full doc and get the better rate?

James Strange
reiloans@liborhomeloans.com

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Re: Need financing for a 4 unit in NYC - Posted by Gil

Posted by Gil on July 07, 2003 at 19:21:38:

I don’t mind doing stated. As far as I know (newbie) stated basically means they check my credit and employment verification, is this correct? Are there any other differences? My fear of doing full doc is that I am self-employed and do not net very much on my taxes and would not get approved.

Please advise.
Thanks,
Gil