Updated over 7 years ago on . Most recent reply
Alternatives to B2R Finance?
Hello, I know B2R has sponsored the podcast before but it appears they have been bought out by another company. When I go to the website I get Finance of America - Commercial. It looks like to do lending for rentals and I have placed a call to them and am awaiting a call back. In the meantime, I wanted to see if anyone else can recommend other companies to look at. I am looking for a loan that is based on the cashflow of the asset with the asset as collateral instead of based on my own income. Credit is good, will be 800+ once the credit cards I recently paid off show up. The house i'm currently looking at I will be getting for about 75% of what it should appraise for so I'm hoping to find a lender who will lend on the appraised value, not the purchase price so I can bring less to the table. Thanks for your recommendations!
- Judson Osbon
- 407-955-1672
Most Popular Reply
@Melvin List is a broker in Florida and has access to these types of programs, but you will still have to put money down. While the loans based on the cash flow of the property do go to around 75% LTV, if you're purchasing the property, they will go off the lower of the purchase price and not the higher appraised value (assuming the appraisal comes in higher than the purchase price).
- Stephanie Medellin
- [email protected]
