Can someone with 850 fico get loan to buy $40K apartment building? How much will have to be down payment?

In Buying Property - Asked by John B. - Feb 26, 2010
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KEN B.
Lender/Mortgage Broker
Houston, TX

Depends on the location of property, is this an reo, 4ok as in 40,000 for one unit or is this an error. You can get a 40k loan with a bankruptcy on your credit. It depends on the LTC loan to cost vs the loan to value.

Feb 26, 2010
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Gregory G.
Broker/Agent
San Francisco, CA

40k? Whats your debt to income? Sounds like a rehab job and financing is tough as you know.
Gregory Garver - Commercial Real Estate Broker
Broker License# 01716531
(415)968-6065
gregory.garver@gmail.com

Feb 26, 2010
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Debra G.
Owner/Investor
Los Angeles, CA

Ann- If you are looking for a short term loan. You might try a hard money lender. Our company may be able to help.
Feel free to call.

Mar 5, 2010
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Chris R.
Broker/Agent
Denton, TX

Generally - yes. Many variables. If you have a good banking relation (especially with a regional or local bank as opposed to the large national banks) you will have a much better chance. Chris Rosprim, Scott Brown Commercial, Denton, TX

Mar 6, 2010
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T.J. L.
Owner/Investor
Los Gatos, CA

The 850 fico score helps show stability. With the hedge fund lenders I work with, the down payment is seen as "Buyer commitment level". 10% of loan amount is not unusual for a typical deal. Also important to obtaining financing is having collateral in the form of equity that is typically greater than the loan amount. And you need the apartment or other asset to be generating enough cash monthly to support the loan payments, the insurance, maintenance costs, taxes, and etc. Additionally important is having apt. management experience or having an experienced person to manage the apt. for you.
Optionally, my legal group also does IRA conversions into self directed one so that you can use IRA money to fund the project. You end up paying the IRA interest instead of a bank. Nice.
YourLoanAdvocate@gmail.com

Mar 10, 2010
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