Funding to Purchase 400K Condo in NJ

[John C.]

Hello,

I am looking to purchase a condo in Wildwood NJ, for 400k. It would be used as a STR, Revenue 75K annually. HOA $1377 monthly includes utilities and insurance. Taxes $560. I'm aware this doesn't look profitable on paper but it's something we want to do.

I'm looking for a lender that would be able to work with this situation.

For the property to break even we would need 30 year amortization, 6 percent APR. I can get ahold of 100k cash. Would prefer to do cross collaterilization with a free and clear property I own to decrease out of pocket upfront expenses. Condo can use some work but I don't need to finance that.

I am the sole owner of an LLC that owns about 50 properties. Cash flow about 25K a month.

My 2018 tax returns show significantly less profit than that, and 2019s will not be filed for a while. Bank statements show 54K monthly in rent deposits.

My credit score is sub 500 due to some business debt that I'm allowing to be written off. I show two years worth of missed payments on about 5 credit cards, none of them are joint with my wife. There is no hope to fix my credit at this point.

My wife is not an owner of the LLC but we do file joint taxes, the LLC is pass through on our personal taxes.

We have no serious income other than the LLC.

My wife's credit score is 670. Her monthly expenses:

$2.5K mortgage and insurance on our primary residence.

$1.2K Credit cards

$700 school loans

$300 Tractor loan

$700 Car Loan

We have business loans for the LLC which are about 15K monthly, 7 year term and amortization .... So we can possibly consider a 7 year balloon.

Given the above is it possible for us to finance this property, at 30 year term, reasonable interest.

We could get cosigners or Co owners with good credit but only 80k income.