I’m first time looking into foreclosure properties. There is a property in a really good neighborhood, good size with big land but needs all cash in auction. Around 700K+. Market value around 850K. Is it possible to get hard money loan with no or minimal money down? I’m planing to re-finance it and use equity to pay for down payment in the new loan. Is it doable? Need advices please!
Real Estate Agent/Investor · Peoria, AZ · Member since 2016 · 2k+ posts · 2k+ votes
7y
If you had a long track record of success with a particular lender, then they might make certain exceptions for you. As a newer investor, this is very unlikely to occur. You may find 10% down from a lender, but most will want 20% down or more.