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Updated over 1 year ago on . Most recent reply

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How to refinance out of Seller financing on rental property (Non-QM)

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Hello,

I am purchasing a 11-door portfolio on 2 properties. The purchase price is $650,000 - I'll be putting $400,000 down. The seller will finance for 12 months of interest only with a balloon payment of $250,000 at the end of the term. The 11 units do about 10,900 gross income, 8,000 after expenses. What non-QM mortgage options do I have for the end of the term?

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