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Updated about 3 years ago on . Most recent reply

User Stats

7
Posts
5
Votes
Ryan Solomon
  • Rental Property Investor
  • Forked River, NJ
5
Votes |
7
Posts

I Need a Mortgage Lender!

Ryan Solomon
  • Rental Property Investor
  • Forked River, NJ
Posted

Hi BiggerPockets family! I have an IP deal that I came across. What I need help with is the financing. I have a partner who is looking to co-borrow. I am seeking a portfolio loan; ideally my partner and I would be using roughly a $20-30k loan (from a family member) to help with the down payment on the property and leave us with sufficient reserves to qualify. Using a bit over 12k monthly W2 income, collectively have <$100 monthly debt, and my cobwr and I have $0 present housing expense. The IP has close to a 10yr history of rental income with 0% vacancy and the prop has a lease agreement signed until May 2023 for a bit over $60k (for the May 2022-2023 year). Are there any mortgage lenders out there that I can talk to and discuss a portfolio loan with? Thank you all in advance! Love this group.

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