First Deal Bought! After Rehab Lending Advice Needed

[Rob Krach]

Hi ALL!

Last Thursday I closed on my first property, it will be an owner occupied two flat in Chicago.

I am a little early on this as the anticipated end of rehab will be around May / June but I wanted to get a jump on this and ask if anyone knows of lenders who will do an 80% LTV loan on a primary residence two flat. I keep getting told that 75% is the max and that just means I haven't found the right lender.

Any help or referrals would be greatly appreciated!

Thanks,

Rob

[Andrew Postell]

@Rob Krach sorry, I didn't mean for that to come across badly and after re-reading it, it sort of did.  My apologies.  So would certainly still stand by posting this on a more local level and also guide you to be prequalified first for the next one.  What if 80% is all you can get?  Might have made your offer a little different.  On the residential side it gets REALLY picky about loan type, personal profile, lender, area, etc.  It can be very different from a condo to a co-op even though the actual structure is the same.  It get's annoying for sure.  Just get prequalified for the next on that way you'll know how to make your offers a little better.  Hope all of that makes sense.