How do I find lenders who will do 100% financing on an investment loan. This property is located in Louisiana, it’s 8 units of single family homes on 4 acres land. The monthly rent on all unit is around $6000. Asking price is $450,000; according to my cashflow analysist, the property will cash flow over $1200 a month at the low end after expenses. This is in a prime investment area.
I currently own 1 duplex and 1 townhouse. The duplex is cash flowing $450 a month after expense. I will be able to sell the townhouse and have $50k available to use if necessary to acquire the property.
Any one with any ideas will be greatly appreciated.
It’s difficult to say without knowing specifics, but the rates are pretty high on 100% investment. You would probably be looking at low 7’s on the first mortgage and 9-13% on the 2nd. Those are no points rates. That would be structured 80% 1st/ 20% 2nd.