Multi Family private investor
Hi All,
I'm looking into purchasing a multi family property with owner financing. However they want a down payment, in addition to the wholesaler's fee for a total of 70k. Is there a site/business/bank that specializes in unsecured loans for a down payment? I'm hoping to find a 5 year loan at 5-7% for the 60-70k or 90% LTV.
A little background is:
I have a duplex now, but only about 15k of equity. I've also got some cash but not enough for the full 70k. The property i'd like to buy will cash flow as it grosses 4,500 -5,000 per month and would sell to me for 350k.
I've looked at SoFi.com but it appears that the "personal loan" they offer can't be used for the purchase of a house. In addition since I wouldn't live in it, just manage it, that excludes some other sources that I know of.
Looking for the name of a bank or site that would facilitate the deal. I'm starting to look at crowd funding however not sure the rules have changed to allow this to happen.
Any ideas would be helpful. Thanks.