Apartment Building--Motivated Seller

Financing, Hard Money Lenders, Private Money
1

Evening

I have a deal of a lifetime.

Problem: POOR FICO AND I want to close in my LLC.

Questions:

  1. If I close in my LLC can I get the loan with the business credit? I am a student so real estate investing is my job and graduate school.

  2. If I have to close are there lender who will lend with 500-550 FICOS

Deal:

Elderly owner just tired of the building. Asking price 125k. He is willing to pay closing cost and giving 30k for any repairs.

2

I think you’ll have a hard time finding a lender. You other option is to find a partner with good credit or see if the owner is willing to finance.

3

You can close in a LLC, but unless the LLC has a solid credit history, a D&B number, etc you will have to personally guarantee the loan. Most lenders want to see a financial package from anyone that has at least 10% interest in the LLC or entity buying the property.

I suggest a solid partner. In the end, looks like you are getting this for 90K. I have some ideas on this, but would need a few more details to see if it might work.

If you are willing to share, drop me a line and I can attempt to assist.