Financing in Rochester>Question Details

GORDONBOTHE, Home Buyer in Kansas City, MO

Foreigner and Equity Loan

Asked by GORDONBOTHE, Kansas City, MO Mon Mar 26, 2012

I am a foreigner very interested buying in Cleveland Heights. I have no previous assets in the Us nor Credit History.
My scenario: I start a LLC. Buy a multiple occupancy property with Certificate of Occupancy.
Pay 25k Cash.
Could I acquire a Equity Loan immediately after? And In case the assessed value is 40k. Would the bank give me a equity loan on purchase price or Assessed value?
Thank you!

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Answers

1
Mark Updegraff’s answer
Typical banks don't want to lend on properties under 50K. Some will though. I think 75% LTV would be about the best you could hope for with no personal guarantee and that may be a stretch.
0 votes Thank Flag Link Tue Sep 24, 2013
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