Updated over 8 years ago on . Most recent reply
What financing options do I have? HML?
Hello BP,
I am under contract for a 4-unit, turnkey property right outside of Philadelphia, PA.
I thought I did everything right. I was pre-approved before I shopped around and I was in regular contact with my lender. I was initially approved for 15% down payment for a 2-4 unit, so I had a higher budget thanks to that.
When I contacted my lender today, she informed me that now I would need to put down 25% due to the property being in another county. I don't have the cash for 25% down.
What other options do I have? I know hard money loans may be the way to go, but I am considered about the refinancing process. My biggest concern is not being able to refinance. This would be my first deal so I don't know how hard it is to refinance.
Any advice?