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.
Sorry. Chances are slim to none at that level of debt and especially at those rates. Go back to your seller and offer him higher interest or maybe more on the back end.
Check out www.lightstream.com it's a division of Suntrust bank and offers unsecured loans up to $100k for people with great credit. Lightstream has helped me finance a few deals while I got them ready to refinance with a bank and the terms are similar to the ones you mention above.
Thank you @Matt J. ,
I'm looking into this today. I suppose my rates were a little low, so this will definitely do. Thank you both for your replies.
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