can you get financing on a apartment building from a bank if you dont have a job but have excllent credit

hello i found a apartment building its over 100 units and i know the property would cah flow after a few adjustments the price is just under 4 million i currently have no job and no assetts but have excllent credit and have a 21,000 credit card line where i can wright a check and get that is cash / the credit is not business credit .it is a personal credit - my question is how would i go about getting financing on this building -
In Buying Property - Asked by BILLY S. - Feb 6, 2009
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Answer(s)

frank s.
Owner/Investor
Brackney, PA

a couple quik mentions...
> in this economy many traditional banks will ask for up to 50% down.
> with ur good credit, it'll help BUT most banks will tell u they expect good credit to loan.
> i've found the 'easiest' way is to look for private lending groups who will lend at higher rates, but take more risk. once u get going u can refi with a more traditional 'bank'.
> search out economic dev. in ur area.
> TRY the small business adm., but i've found that almost imposible.
> one of the best things going for u will be the rent rolls & the terms of the leases (when they expire, etc.), how much the owner has in security deposits, etc.
> WHY is the present owner selling?
> as u know most banks are 'dry' right now so it's a long shot.. BUT u may be ready for when the economy turns around, etc.
> read up or join a 'landlord' group.
HOPE some of these comments help.
good luck!
- frank s.

Feb 9, 2009
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Karen H.
Developer
Beverly Hills, CA

go to www.cieinst.com and take a FREE online course. I took their 2 day intensive course and they covered no money down techniques and creative startegies thoroughly. It was a HUGE help to me.

Mar 18, 2009
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Gerald N.
Lender/Mortgage Broker
Mineola, NY

Have you owned other buildings and have experience in property management? The whole answer hinges more on the income vs expenses of the property ( debt service ) If the property has a ratio of 1.25 debt service you can sometimes make it work with traditional lender. If you have more questions please contact me 732-740-1035 and maybe I can help.

Mar 24, 2009
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Stefan R.
Owner/Investor
Herndon, VA

Billy,
If you don't have a strong net worth (all of your assets minus everything you owe on them) that can cover your debt payments for a few months, most banks won't be willing to lend you money in the current credit environment. If you want to know how much you could borrow, I think 65% of the loan amount is a good conservative guess. You would have to come up with the rest either through another loan (such as a mezzanine loan) or through giving away equity in the deal (bringing in other partners).
In your case I would suggest a hard money lender because they are most interested in the property and not such much your credit or how much equity you will put into the deal. The flip site is that interest payments to hard money lenders can be very high...like in the double digits.

Mar 25, 2009
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