Mortgage Loan for Rental/Investment Property

[Udaya P]

Below are the details of my current situation. 

1. Planning to buy Rental/Investment property(Duplex/Triplex/Fourplex) in Stockton, CA 

2. Price range $225000 - $300000

3. Already own primary residence through FHA loan(loan of $625000)

4. Combined Income(W2) - $175000

5. Foreclosure in Apr' 2010

6. FICO score is 700+

Please let me know, if I can get a loan for buying rental/investment property. 

Please let me know the options I have, for obtaining  a mortgage 

loan(portfolio loan ?) for investment/rental property. 

Please also let me know terms and conditions of the loan.

[Simmy Ahluwalia]

Hi Udaya, this should not be a problem.  I'm a funding broker with a wide range of lenders that I work with.  I'll need to ask some additional questions to be able to provide you with some basic terms.  Please email me at:  [e-mail]

My business site is:  http://www.SimsCapital.biz

[Udaya P]

Can you let me your e-mail address and phone number ?

Thanks

[Madison Grey Capital]

might be interested. 

Tom Mendez

Madison Grey Capital

A Madison & Grey Company

Director | Private Banking and Client Services

WA Office    360-799-9583

Fax.              206-212-3984
Email.    [e-mail]    

[Ken and Ari Walker]

Hello Udaya, 

We are a family owned & operated Private Money company, located in Santa Rosa, CA and have been licensed since 1988.  

We offer such financing.  You would have to come in with a decent downpayment, about 25-30% of purchase price.  You can also use equity on existing property if this is decent. 

Our average fundings take 2 weeks but we have done many faster, in less than a week. 

Please call our office at 707-523-2099 and ask for Ken or myself, Forest. 

We would be happy to talk and let you know within a few minutes exactly how we can help and the terms. 

Best, Forest - The Guy in the White Hat

Sun Pacific Mortgage & Real Estate

[Udaya P]

Your interest rate and costs seems to be high. From cash flow perspective, such high interest rates and costs does not make the property deal attractive. 

[Ken and Ari Walker]

Not sure whom you are responding too, but generally Hard Money rates are from 8-12%.  

It is always a math problem and for some it works and others it doesn't.  

We've been able to help many people to very happy results so just wanted to make sure you knew we were here if you need us. 

Best, Forest - The Guy in the White Hat

Sun Pacific Mortgage & Real Estate

[Udaya P]

Forrest,

I was replying to you.

For the current deal, this costs does not work.

I will definitely contact you for other purchases

Thanks

--uday

[Ken and Ari Walker]

Thanks Uday,  makes sense. 

Best, Forest