Board Topic: 100% financing on building new duplex
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100% financing on building new duplex

Posted by: Jay Alexander Sep 25 2004, 05:46 AM
I am wanting to build 1 or 2 new duplexes for rental property. I am in a growing area with great potential. Since I have never been one to save, I don't have the 10% down wanted by my normal lender. Does anyone know of a way to finance this with no $ down?

Posted by: Hard-Money-Lenders Sep 25 2004, 02:12 PM
My company is a hard money lender, and while we do not offer 100% financing, there are companies that we refer loans like yours to who might be able to help.

Basically, these private money lenders are groups, companies or even private investors who take your deal and show it to their investors. If the investors are interested, they might bite. Just make sure you have lots of paperwork and a good financial history to show them as well as some ideas about why the deal is so lucrative. These guys want their loan re-paid, they don't want to sell real estate!

You can find some of them online, but another place to look would be some of the popular trade magazines like the Scotsman Guide.

Best of Luck!

Posted by: loanuniverse Sep 25 2004, 05:34 PM
Jay:

I donít think you will find any lenders interested in 100% financing. Other than getting the seller of the property to finance all or a portion of the purchase, I donít see how else you could do something like this.
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