Delayed Financing on a triplex in Ohio

4 Replies

All,

I was wondering if anyone could recommend a good mortgage lender who is willing to lend more than 65% of the appraised or purchase price for a triplex in Ohio.  

This would be a delayed financing.  I am purchasing the property using cash and would like to put debt on there as soon as I can.  The one lender I talked to could only lend up to 65% of the appraised value for a triplex. My ideal option would be 75% of the purchase price. To be honest, 65% of the appraised and 75% of purchase is similar, but the appraised value I am using is more or less a guesstimate at this point.

James

Most will max at 70% for 2-4 units for the standard delayed financing option. That number is going to be based on the appraised value but will be limited to no more than what you paid for the property.

I've found one lender that will do 75% of the purchase price with limited documentation.  Connect with me and I'll get you set up.

Originally posted by @Robert Sepulveda :

Most will max at 70% for 2-4 units for the standard delayed financing option. That number is going to be based on the appraised value but will be limited to no more than what you paid for the property.

 If I could get 70% of appraised value, that would be ideal. Do you know any lenders who is willing to lend at 70%?

@James Zhang There are some good investor friendly lenders for the Dayton area, and several other states.

70-75% of purchase + rehab can be done even if you bought the property for cash initially.

For 70% of appraised value, you will need to own the property for 1 year (and a day).

Property Value is the biggest hurdle for Dayton. We can buy properties cheap enough that a lot of lenders don't want to mess with the small sized loans.

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