High LTC, but Average LTV Loans? Help finding a 90% LTC loan!
Have one lease-purchase I just got under contract. I've been speaking with lenders to close it, but I'm having a hard time. It's an "instant equity" type deal, so I'd like to put as little additional money into the deal as possible. Can someone point me in the right directions to close this deal? Here are the numbers:
Purchase Price - $850,000
Loan Amount Required - $815,000 (rest is credited via deposit)
Gross Rent - 9,200/month ($110,400/annum)
It's over 15 units in a good area. Any way you value it (income, replacement value, per square foot for area, etc.), it's an average LTV and safe for a multi-family investment property.
What type of lenders should I be looking for? I've done a whole bunch of google searching, but most want 80% LTC max. The couple that go up to 90% LTC (+ repair costs) are for fix and flip. This property doesn't need repairs, though. I have 18 months to get financing, so flexible but am finding no lenders willing to do it (based on their advertised terms, also spoke with multiple in depth, even pre-approved for different property with one). This would be my first loan (primary or investment).