Posted on: 08th Jul, 2009 07:43 am
"Seller willing hold back 2nd mort. 20%", what is this exactly?
Hi jenkin7,
Yes thats is it.
Can I find Mortgage Brooker for this scenario for a Multi Family House? I am from Europe, thats the main problem :(.
Thanks for you reply.
Yes thats is it.
Can I find Mortgage Brooker for this scenario for a Multi Family House? I am from Europe, thats the main problem :(.
Thanks for you reply.
Where are you trying to get the loan US or Europe?
The Multi Family is US, I have two possibilities, Indiana or Ohio.
The Multi Family is US, I have two possibilities, Indiana or Ohio.
All LP are under $600k, Indiana have 32 units, Ohio 14 units.
All LP are under $600k, Indiana have 32 units, Ohio 14 units.
Do you live in US or you are trying this from Europe.
If thats the situation then it may be really difficult
If thats the situation then it may be really difficult
Today I live in Europe. I am a property manager here.
But for this property I go to US. In Europe we have the highest prices ever for Multi Family Apartments and low cash flow. In US gives hundreds great projects and no one sees it, except me, I think ^^ . But a funding is not possible, prefer to leave the (top) building in ruins and lost money, because it can not be sold to a qualified buyer.
Main Question: What is a qualified buyer? A person with many money on the account and not knowing what he´s doing. Or a person with background knowledge and who knows how everything works.
Apologies my small example but it is quite frustrating since two months only to receive rejections, although the requested project has profitable return, more than the repayment of the target mortgage and I could continue to increase profit.
Wrong World :(.
But for this property I go to US. In Europe we have the highest prices ever for Multi Family Apartments and low cash flow. In US gives hundreds great projects and no one sees it, except me, I think ^^ . But a funding is not possible, prefer to leave the (top) building in ruins and lost money, because it can not be sold to a qualified buyer.
Main Question: What is a qualified buyer? A person with many money on the account and not knowing what he´s doing. Or a person with background knowledge and who knows how everything works.
Apologies my small example but it is quite frustrating since two months only to receive rejections, although the requested project has profitable return, more than the repayment of the target mortgage and I could continue to increase profit.
Wrong World :(.
I am nsot sure it will be easy to get loan living in Eropr and buying property in US
Yes for max. 60% LTV, but I need min. 80% LTV, so I have no chance. Not in Europe, not in US.