Updated over 6 years ago on . Most recent reply
How to finance a 4 plex unit just starting out.
Hello BP community, I am working with a realtor who has found me a brand new 4 plex unit for 472,000. Each unit rents out about 1050 a month. I attempted to get an FHA loan with putting 3.5 percent down however I was told by my bank (Navy Federal) that FHA loans only cover SFR and Multifamily units and not triplex or 4 plexs. Is there any other type of loans out there that I could apply for financing? Even if I would intially live in one of the units? I just started an LLC, should I try and get a business loan under the LLC which has no credit or just do it under my name. My credit score is 780 as well. Would a regular conventional loan be good?
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My banker didn't know that you could either and after they looked into it, turns out I was right. They asked for a longer close period to work it out as they haven't done one before but all worked out and should get a clear to close any day now. It's a four-plex. Hope this helps!
David Espinosa