Rental property loan question

Board Topic: Rental Properties What kind of loan should I try to obtain?
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Rental Properties

Posted by: Guest_John Aug 6 2004, 11:44 AM
Hi,
We purchased a six-unit property over two years ago. We have since found out that one of the units is not legally permitted to be a livable unit. We need to borrow money to convert this unit into a livable unit. What kind of loan should I try to obtain? Do I qualify for a small business loan? Please help.
John

Posted by: loanuniverse Aug 6 2004, 09:56 PM
What kind of loan should I try to obtain? Do I qualify for a small business loan?


John:

I donít know. There is not enough information here.

Who is financing this building right now?

How much is the building worth and how big is the loan?

How much do you need for the renovations?

Is the shortage in rental income created by this unit bad enough that cash flow is negative?

I think you need to go over your needs, see what resources you can tap and then approach a lender if you need to.

Sorry, I could not be of more help.

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