I am looking to get financing on a multi family 3 unit single family home. Rental income is 1924 per mo with an estimated appraised value of $235k. I am finding that the traditional banks only want to do 60% LTV on an investment properties.
Can anyone suggest lendors that will fund multi family properties?
You will most likely need to speak with a broker regarding this purchase. You hit the nail on the head when you said traditional banks will only go to a certain LTV. What LTV are you looking for? You stated that the house was valued at 235K. What are you paying for it?
I am paying 175 for the property. I will hunt down a broker to help me find a loan. Thanks for the advice.
No problem. Good luck and happy investing.
Depending on your FICO score, ability to document income/assets, you should be able to get a higher LTV. Is something missing here? If your credit score is low, search for a property with 30% equity. You can go Hard Money at 70% of the Current Market Value (100% financing, not including closing costs).