Looking for loan based on property financials in Cleveland

Looking for loan based on property financials in Cleveland

Rental Property Investor · Concord, CA · Member since 2016 · 499 posts · 219 votes

Any suggestions for banks who would lend based on the property financials and not look for personal income. I can do 20-30% down, have a great credit score. I know this way I wont get the 4% rate but not looking to get a 7% rate either. Any help would be appreciated.

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Rental Property Investor · Cleveland, OH · Member since 2015 · 1k+ posts · 880 votes
9y

@Sean Richway is who I have used in past for these kinds of deals

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  • Rental Property Investor · Cleveland, OH · Member since 2015 · 1k+ posts · 880 votes
    9y

    @Sean Richway is who I have used in past for these kinds of deals

  • Rental Property Investor · Concord, CA · Member since 2016 · 499 posts · 219 votes
    9y

    Oh hey @Matt Motil ... thanks for the info

  • Chris SeveneyBusiness Member
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    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    9y

    @Avi Garg - Start looking on BP, for example @Upen Patel works here on the east coast, not sure if he helps on west coast but he may have something. You could always go to a commercial note and put it in an LLC which would be based on numbers of the property. Your rate would be closer to the 7% but having a positive deal is better than no deal.

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  • Upen PatelPro Member
    Lender · Nationwide Lender · Member since 2015 · 1k+ posts · 814 votes
    9y

    @Chris Seveney Thanks for the mention.

    @Avi Garg Yes, there are both residential (30 yr fixed) and commercial (5-7 yr balloon) options that can be done on the basis for property cash flow. Its call Debt Service Coverage (DSC) based loan.

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