i have a 4 unit in NJ i’m looking for someone to refinance my existing mortgage. All financing options considered. Property has positive cashflow. It is worth 225k-250k. Balance on existing mortgage is 162k any suggestions?
What/where have you tried thus far?
I need to find private investor, I’m self employed. I can’t use a bank. I’m looking for something short term. Any idea’s ? Was thinking interest only 3-5 yrs.
i have a 4 unit in NJ i’m looking for someone to refinance my existing mortgage. All financing options considered. Property has positive cashflow. It is worth 225k-250k. Balance on existing mortgage is 162k any suggestions?
Nemo,
Your current LTV is over the limit for %99.9 of lenders…Also Im guessing based on the price and the fact that its a multi family its in Newark or some other low income area…I cant say for conventional lenders,but for a hard money lender I wouldnt be interested in funding this deal…The risk vs reward isnt there…My suggestion is sell the property if you are in default…If you arent in default I dont know why you need additional funding…
whay LTV are investors looking for? The 4 units arein warren cty.
Hi,
HMLs are traditionally looking to avoid LTV above 65%. This deal seems to be showing a conservative 72%. THere may be someone out there willing to do it under atypical cicumstances but we would not look further based on what you’ve shared. Good Luck with what you choose to do.