Need help w/ Financing a Property...PLEASE HELP!!! - Posted by Martin

Posted by Ed Garcia on March 03, 2000 at 22:04:58:


When you borrow against Multiple Units, it becomes a smaller lending community.
A mortgage company will only lend on 1 to 4 units, so that leaves them out.

I can tell by the way you have done your post that you have absolutely no experience
with multiple units. If you want to spend the dime, I’ll take the time and educate you.

Rather than for me to waste a lot of the time going back and forth on the news group,
just call me and we’ll talk. My number is (909) 944-0199

Ed Garcia

Need help w/ Financing a Property…PLEASE HELP!!! - Posted by Martin

Posted by Martin on March 03, 2000 at 20:23:11:

HI everyone,

Just wanted to post a question: I am currently looking at purchasing a 8 unit apartment building. Owner still owes about 20%. He is willing to take a 2nd for appx 40-60%. What I need help with is I really would like to purchase this property. It is being sold for about 90% of FMV. Fully occupied, and in good condition. The problem is that I have no money, and marginal (if not poor) credit.
Is there any way that a bank, mortgage broker, or table funder (simultaneous close) would lend me this money w/ my credit rating. I would be looking at about a 50% first mortgage. The balnce would then be taken back by the seller. What would be my options in this situation? Please help, I haven’t been able to find any local investors in my area to help me with this. Please help!!!