Posted by C.j. Black on December 06, 1999 at 14:43:41:
To anyone who might have an idea.I am trying to purchase to a 3plex.I will only be able to hard money due to less than satisfactory credit and cash.A signed buyers contract is on the way.I will have around a 55% arv with my repirs already added in.My dilema is not actualy in the aquistion of the home or even the funding.I am curious of the path I should take.I wish to be able to hold on to the house for more than the strandard 2 year period with a ballon payment due.My intention is to hold this property,fix it up,and then fill the home with residents ie., 3/4 house or a half way house of sorts.Question:Do I tell the lender I intend to almost double up the home occupency?Q:How do I go about bringing a loan term of five years and then a ballon payment?I understand 2 years is far more common, but for my venture to work, I need the added time.Ya see in my bussiness I have a more than ample resource to those intrested in a 3/4 living enviorment.Most of my confusion lies around the idea that I am unsure of how to aproach the lender to get what I want with minimal friction.