I have an opportunity to buy a property that has high income producing potential. My question is, what would be the best way to approach this if I needed a long term loan. Also where could I find a long term Hard Money or Private Loan? Long term is needed to make sure that business is steady. Note: This will also be my primary residence, so is this even possible? Apologizing in advance I am still very new to this so it may be a silly question to some.
This is not a lot of info to go on.
Can you share more info?
For example:
What is the property (residential/mixed use)?
What kind of cap rate?
Why not get a traditional mortgage or commercial loan?
You would be surprised how many people will write you a check right now if a deal makes sense.
Loans for a property you're going to live in are highly regulated. Hard money lenders almost always prohibit living in the property. Savvy private lenders will, too. Getting a conventional loan is the best route for a long-term loan. Is there some reason you cannot?
You'll probably need a commercial loan for something like that. Conventional is only for 1-4 unit residential. You might find one that will allow the owner to give you a second mortgage, but it will be tough to find anyone that will go behind the owner's mortgage. And you'll still need some of your own cash in the deal.