How can I get a 403k loan for a 36 unit apt bldng. in Michigan?
I am buying a property and I need to rehab this apt., at present it is vacant, found out that it is difficult to get financing when the property is vacant. I am putting 20% down to purchase the property, but I need a rehab loan to fix up the property to complete the project I will need $200,000. The seller has a short term financing for 80% of the purchase price, plan is to rehab then in 2 to 3 months refinance with a cash out ,getting a permamnent financing,paying off all the loans in the property, so I want a no prepayment penalty rehab loan that woul be able to convert to a permanent financing.
I am a commercial Mortgage broker with 25 years experience. I believe I can help. Just give me a call @269-795-0076 ask for John
Hi Jasmin,
As far as I know there is no such thing as a 403k loan. I think what you are referring to is a 203k loan, which is an FHA insured rehabilitation mortgage. They are only available on primary residences, not investment properties. Plus, a 36 unit apt building would fall under the guidelines of a commercial loan as opposed to a mortgage. Commercial guidelines are different from mortgage guidelines. Talk to a large bank that offers commercial financing, such as Comerica
Tony
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