Financing options

Financing, Hard Money Lenders, Private Money
1

Does anyone have a financing source that would be able to fund the following scenario?

An 8 unit multi-family property listed at $225,000 in th state of Maine. My current credit score is approximately 630

Current owner would hold second in amount of $22,500 (10% of balance)
I would need a mortgage for the balance of $202,500

I know it is rare for any commercial programs to fund a loan where the new owner has no skin in the game, but I was wondering if anyone was aware of any potential programs that might be available for this scenario.

Thanks for any help you can provide.

Michael

2

michael, if worded right in the purchace agreement the $22,500 could be shown as a downpayment. If the seller is flexible and creative. Just a though.

Ross

3

and if you talk to some loan officers you can use the rents from those 8 apts. to get your debt to income ratio down and to raise your monthly income. You should qualify for at least a 70 or 75 %LTV