Hi,
Looking at buying a two-unit property for $265K in Florida for an investment. Property should appraise for $330K or more. Rentals will cover the mortgage payment on a $256K loan (i.e., even with no downpayment).
Question: If I apply for bank financing I expect most banks will only lend on an 80% LTV based on the purchase price, not appraisal price.
If I use bank financing to get into the property – how soon can I refinance to get out my down payment?
Any lenders out there who will lend on appraised value or at 90%LTV? What interest rate / terms?
I have excellent credit history and investments in other larger apartment complexes.
Thanks,
Kayaker