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.
Mar 10, 2010