Lending On Credit Alone?
Hi....I am trying to buy a 4-unit building for $250,000 which I am planning on living in one unit and renting the other 3. The rent before expenses on 3 units is $2000/month. I have located 95% of the financing and am planning on convincing the seller to pay for the down payment and cover the closing costs in return for a 9-10% interest 2nd loan, because I am flat broke :down: My question: If the seller doesn't want to do this, are there any/do some people lend on credit alone? My credit is 665 and I need 25-30K. Thanks a million! Nic
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Nic
Did you buy the house? If not why don't you try getting an unsecured line of credit. With a 665 score you would easily be eligle for one in the amount of $30,00.00. Try going to a local bank.
Lori
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