Quadplex lending advice (Texas)

6 Replies

Newbie investor trying to make my first move. Have a quadplex that already cashflows very well that I was able to get under contract for 293k. The lender I'm using failed to mention I'd need to bring 25% down instead of 20%, so I'm in a bit of a situation (I should have researched, but life lesson learned). The lender wants me to bring about 90k to closing. I have about 60k and 90k is probably too far of a stretch. Anyone have any advice or know of any types of loans that would be more budget friendly? 

Originally posted by @Kevin Lang :

Newbie investor trying to make my first move. Have a quadplex that already cashflows very well that I was able to get under contract for 293k. The lender I'm using failed to mention I'd need to bring 25% down instead of 20%, so I'm in a bit of a situation (I should have researched, but life lesson learned). The lender wants me to bring about 90k to closing. I have about 60k and 90k is probably too far of a stretch. Anyone have any advice or know of any types of loans that would be more budget friendly? 

 Check different banks. If I could go back and do it again I wish that someone would have given me that advice. 

@Kevin Lang you are probably going to need to find a portfolio loan to carry it at least for a little bit.  Once you do some updates you could look at refinancing (gaining that extra 5% through equity) into a 30yr conventional.  Time may not be on your side so those type of loans are quickly - usually.  Something to consider.