Updated almost 8 years ago on . Most recent reply
Loan Question - Help!
Good Morning Everyone,
I have just finished purchasing land (8400 sq ft) in El Paso, TX and would like to essentially build a duplex/house for rent. I have been working with a local bank and they have advised me that they will supply 75% of the value of the project. That means that I will have to again save enough money to put down the other 25%. Is this my only option?!? I really just want to get a loan to get started on the whole project ASAP.
If you all could please leave some tips or feedback, I would definitely appreciate it!
Thank you,
Abraham M.
Most Popular Reply
If you are looking for 100% financing, and your DTI can take it, what about taking out a personal loan (also called signature loan or unsecured loan) for the down payment? Let that sit in the bank for at least 2 bank statement terms. Obviously, the lender will want to know that you can cover both the new loan and the personal loan payment, so that's why it's immportant that you watch your DTI numbers. But if all looks good, that is how you could do it if you don't have the cash on hand.