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Real Estate Investing Forums | Real Estate Investing | Financing, Hard Money Lenders, Credit, Qualifying (Moderators: $Cash$, Bluemoon06, kdhastedt, Mdhaas) | Topic: Looking for funding 100% ltv
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lem dan
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« on: February 13, 2017, 10:27:22 PM »

I have a multi- unit that I'm trying buy where can I find 100% financing on this deal?
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Gold River
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« Reply #1 on: February 15, 2017, 01:13:12 AM »

Hi,

    Creatively you might convince the property owner (Seller) to wrap the property in your name, that is probable the only way you could get 100% financing!
This would still mean you would need closing cost's (2% Average) and probable need sellers closing cost's (2.5% Average) to pay for escrow and title work!

If your looking for new financing the lender is going to require you to have a minimum of 10% plus closing cost's in the deal and even then you would have to convince the property owner (Seller) to carry a 2nd TD note for a minimum of 10 or 15 percent of property value! You still have to have your closing cost's in this scenario at 2% of purchase price.

You could try to lease / option a multi unit but you don't own it and the option consideration won't be cheap!

Good luck,

               
                  GR

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pigeonkicker
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« Reply #2 on: February 20, 2017, 05:03:26 PM »

There's probably only three practical ways you can get 100% financing. 

The first is to buy the building cheap enough that the bank will fund 100% by making a portfolio loan.  Or getting the seller to finance all, or part, of the transaction, that a bank won't finance.  Or third, taking title to the project "subject to" and refinancing the existing loans.  The bank will finance up to 80% of the value, depending on the performance history of the property.  The downside to refinancing is that lender often require the borrower to assume personal liability for the new loan.

I would contact a commercial loan broker and ask his advice on this.
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Real Estate Investing Forums | Real Estate Investing | Financing, Hard Money Lenders, Credit, Qualifying (Moderators: $Cash$, Bluemoon06, kdhastedt, Mdhaas) | Topic: Looking for funding 100% ltv
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