Investor · San Jose, CA · Member since 2015 · 52 posts · 9 votes
Hi,
I am currently in contract to buy a condo/townhouse as an investment property in Alameda county in CA. The contract is for 390K, my credit score is above 760 and I want to put 20% down (25% if I really have to buy dont prefer it). With my previous lender we were about to close but realized that out of the 14 apartments in the complex, one person owns 5 because of that the loan was rejected.
Are there lenders out there which will finance a property in this case? I am looking for maximum lenders credit (close to 2% of the loan) and rates which are not very high compared to the conventional mortgage.
Long Beach, CA · Member since 2016 · 20 posts · 7 votes
9y
Hi, some lenders (including the one I work for) will do a limited review on the condo which means the owner that has 5 of the units would never come up. I work for a bank and may be able to assist. Feel free to reach out.