Financing in Chicago>Question Details

David Kubica, Real Estate Pro in Chicago, IL

What type of low down-payment financing is available for the purchase of a non-owner occupied mixed use building?

Asked by David Kubica, Chicago, IL Thu Aug 28, 2014

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3
Depending on the risk factors, it may be possible to put 15% down. Plus, depending equity and risk factors, refinancing your existing properties may make sense, not only for investing reasons but tax purposes as well. I am available to help if you would like to talk. Thank you.

Larry Bernstein. P: (847) 815-8229. E:lbernstein1130@gmail.com. NMLS# 280597
0 votes Thank Flag Link Sun Sep 14, 2014
Not many. I have a commercial lender you can speak with regarding this.
0 votes Thank Flag Link Fri Sep 12, 2014
Some more information: We currently own three other rental units (all are cash flow positive). Our credit scores are excellent (760+) and our monthly DISCRETIONARY income after all other fixed expenses is ~$8,000.

Cash flow isn't the issue for us. Right now it is down payment because I just finished buying and renovating another two-flat that we purchased in March.

The building we want to buy would be cash flow positive minus approximately $36,000 that I would be investing in order to upgrade some features [mainly kitchens ($15,000), HVAC ($10,000), and build a new garage ($11,000)].

I know that I can always wait half a year and have the savings to put 20% down on a building, but I have the chance to buy a cash flow positive building right now and would rather not miss the chance. We also have the ability to take out a HELOC on the other three units, but would prefer not to.
0 votes Thank Flag Link Thu Aug 28, 2014
Depending on the ARV I may have a lender for you. Contact me
@ Felecia.fldinc@yahoo.com to discuss
Flag Sat Nov 1, 2014
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