I contracted to buy a Mixed use property consisting of a duplex, detached 4 car gargage, produce store and billboard for 170,000. The conservative gross income is $2900.00 per month. Would I be able to get a 90% LTV loan on this property? I initially was trying to get a residential loan, but am not 100% sure that it will work out. Any input is appreciated. Also this is my 2nd duplex I will own. The first is an owner occ with the 2nd unit rented. I have owned for 1 year. Credit Score is 650's.

Thank

Bill

Bill:

A bank lender will not lend 90% ltv.

I can not tell you if the property can support the loan without information about the expenses.

I can however point you to the spreadsheet linked from http://www.loanuniverse.com/sensitivity.html so that you can do your own calculations.

There might be a way to do this if you take a look at all of your assets.

We can do a 90% LTV IF the property can carry the debt. Do get some photos of the property together. If you would liek give me a buzz and or email me the photos. I will be able to give you a better answer. Thanks!