Updated about 8 years ago on .
Private lending needed for primary res/duplex for new bus owner
Hello,
What I'm looking for - financing in 1st lien position on a duplex that my wife and I will use as a primary residence.
Why I'm looking - Wife and I are purchasing an existing assisted living business - transaction is set to close at the end of this month. We have a small portfolio of rentals here in Wichita, KS in a partnership but plan to relocate to the city this business is located in. (Still in KS and one of the larger cities) We plan to add our present single family primary residence to the rental portfolio.
We've identified a duplex there not far away from the business - looking for private financing as I realize going from being a W2 employee to Self Employed will be a challenge for most banks. This could be a short term deal - ie financing in place for a year or two then we could refinance the conventional route, or hey if it works for everyone involved leave it in place. I'm flexible.
The rent from one half of the duplex would cover 90 + % of the mortgage/ins/taxes on the place I've identified if there were hypothetically 0 down on the property - so this is a no brainer. Property I've found was built in 2005 and is in a nicer neighborhood for this town - has not sold due to being a tad overpriced for an investor but makes sense for someone living in it.
Once we've vetted each other I'd be glad to share any information needed to underwrite the deal and go into more details.
Loan size $180-190k.