Financing for Beach House

3 Replies

Hello BP!

I’m wondering if anyone uses creative financing or what financing options people have been using for beachfront properties throughout Florida? The traditional options I’ve been finding have been around 30% down. I was looking for something closer to 20% to use some funds for renovation/improvement. Has anyone had luck with credit unions or other similar financing options?

Appreciated as always!!

- Matt

Originally posted by @Gaetano Ciambriello :

Hi Matt - why haven’t you been able to finance it with 20% down? What is the purchase price?

- I haven’t found many good options with 20% down, higher interest rates (>5%). Purchase price just under 1.2 million. I’m also having a slightly harder time finding lending because I am currently in a 1099 position just started 4 months ago. Lenders like to see at least 2 years of 1099 income to verify everything.