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99 Percent Financing |
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Im a beginning apartment building investor. I have found a Lender willing to lend 99% financing, and I have to come up with the 1% down. Does that sound good ?
Im looking for 100% financing because I dont have much money or assets. |
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It doesn't sound good to me; it sounds fishy. I can't believe any reputable lender would put out money like that in this financial climate with almost nothing down. Perhaps you're being asked a very high rate of interest? Or is the lender going to participate in ownership?
I can see you ending up in a lot of trouble. Take the proposal to your own CPA and your own real estate lawyer for their advice. You certainly can't plan on being an investor or a developer without having those professionals with you right from the start.
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Edith
Originally published on February 1, 2008 |
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