investment loans

Did you know that you can get an investment loan on a multifamily residence up to 4 units and it still be considered an owner occupied home?  Did you know that it could be doen as a regular investment residential property?

Recently, I did a loan for a guy who was moving into one of the 4 units in an apartment building.  I was able to use one of my sources and get it down without the costs and time constraints of a commercial loan.  He also had a decent rate. Had his credit been better, we could have done the loan at a 95% LTV.

For those reading this outside of the area, the price for the building was a mere $85,000.  After some mainly cosmetic work, the building was re-appraised at $126,000.

Also, I did another loan for a guy who bought 6 units on two lots.  We financed 90% of that as a residential investment loan. The total price was $85,000.  Now we had to get a little creative(still legal though). We ended up financing the whole deal as a single loan on the 4 unit building on the one lot. 

There are options, and a smart mortgage broker will help you through those.

 
Posted by Jeff Benfield on 10/30/2006 04:43 PM   Comments (2)   , , , , ,  

2 Comments on investment loans

Dear Mr. Benfield,

My name is Nathaniel R. Salisbury, I am 21, and live in Southern Vermont. I work as a licensed Nursing Assistant, and love my job, but do not wish to continue with it as my career choice. My passion in life is to become a Realtor, who specializes in  residential, and commercial development. While browsing the internet, under such topics as, Investor, mortgages, loans, etc. I came acrossed this "domain" and thought that I might be able to gather some information on Investment loans. To start, my personal credit is not good. I am looking to find a bank, loan company, or maybe an interested someone, to help me obtain an investment loan, of aproximately 150,000-200,000. I do not have much of any credit, and not alot of a down payment. I have found what I think of, is a great investment, which could turn up profits. Do you know of anywhere, or anyone that would be willing to invest in my ideas? If you have information for me that could help me on the way, that would be great. Thank you for your time, and future efforts.

 

Sincerely

Nathaniel R, Salisbury

03/29/2007 08:05 AM by Nathaniel R, Salisbury

No

09/20/2007 06:48 PM by jon

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Mortgage Company: Jeff Benfield -Wachovia
Jeff Benfield
Winston-Salem, NC
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Jeff Benfield -Wachovia

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