Posted on: 09th Feb, 2010 10:05 pm
Need purchase loan on 5 unit residencial in CA (San Diego)? Here's the scoop- Price $685K, need loan of about $479,500. (70%). purchase to be by me and my daughter. Daughter is going to be owner occupied, but I'm the main qualifyer (800 FICO, Full DOC, A+ borrower. the issue is the 5 units (not 4). Want a 30 yr fixed, if possible. Who has best rates, etc?
nelhea, 5 units pushes the deal into a commercial mortgage. If the rent roll is significant, then your daughter could qualify on her own because the deals are done based upon the cash flow of the building itself.