Steve, Financing apartments

[Dhappy]

I have ordered the two books you recommend. I have not financed a property in years. Sense I can not pay cash for a apt biulding. With the credit crunch and being self employed how is the financing for apt building holding up? If you were starting out now how much harder do you think it would be? Thanks, Dan

 

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[SteveO]

Terms and money availability are related to location and price. What size properties are you considering?

Fannie Mae and Freddie Mac are still lending. They have some restrictions on certain areas but they will still do 80% LTV at this time. HUD loans are still available as well. They are just coming back into vogue because they allow high leverage. Their timing is longer though.

Banks are filling a gap right now. Rates seem to be in the range of 6-7% depending on the deal.

I have not looked at loans less than 3.5M in quite some time. So, I am not familiar with some of the programs that might be availabie.

What area are you looking to purchase in?

 

[Dhappy]

I'm just getting the cart before the horse. I don't have any area yet. I live on the west coast of florida, about a hour from tampa. I'm willing to travel anywhere to find a good deal.

 

[SteveO]

Sent you a pm.

 

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