Financing in 90% investor building
Hey all,
I'm trying to find financing to buy in a 90% investor occupied building in Coral Springs, FL. There seem to be some DSCR loans that will work, and I found one investment mortgage company that will do it. Anyone have experience with this? Any guidance?
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Quote from @Ryan Dreibelbis:
Hey all,
I'm trying to find financing to buy in a 90% investor occupied building in Coral Springs, FL. There seem to be some DSCR loans that will work, and I found one investment mortgage company that will do it. Anyone have experience with this? Any guidance?
You buying it for owner occupant or for investment purposes. If owner occupant its going to be difficult because conventional financing will not touch it. See if seller would do seller financing.
Quote from @Ryan Dreibelbis:
Hey all,
I'm trying to find financing to buy in a 90% investor occupied building in Coral Springs, FL. There seem to be some DSCR loans that will work, and I found one investment mortgage company that will do it. Anyone have experience with this? Any guidance?
Reach out to a agent or title company see if what deed of trust or mortgages are on the place. That is a list of who will lend on the property. If there isn't any it will be super tough. Find a local bank/ CU and see if they have a portfolio loan that will work for you and the property.
Conventional fannie and freddie products wont work.
Best of luck!
Hi @Ryan Dreibelbis, will you be occupying this as a primary residence or investment property? If it’s an investment, will you be doing long term rentals or short term rentals? There are various loan products available depending on what it is that you’re looking to accomplish that I can recommend you to.
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#3 General Landlording & Rental Properties Contributor
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Quote from @Ryan Dreibelbis:
Hey all,
I'm trying to find financing to buy in a 90% investor occupied building in Coral Springs, FL. There seem to be some DSCR loans that will work, and I found one investment mortgage company that will do it. Anyone have experience with this? Any guidance?
Yes connect with those doing deals in that area, Learn then apply what you learn. See if its actually a good deal.
Good luck
Quote from @Ryan Dreibelbis:
Hey all,
I'm trying to find financing to buy in a 90% investor occupied building in Coral Springs, FL. There seem to be some DSCR loans that will work, and I found one investment mortgage company that will do it. Anyone have experience with this? Any guidance?
Hi Ryan,
If you found a lender that can do it, what did you need clarification on exactly?
