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Home Equity Loan vs. Conventional Loan?

I am interested in a property that is getting multiple offers.  The listing agent told me that they would prefer a cash offer.  If I purchased this property using all cash, could i then take a loan against the equity after close of escrow?  How different would my loan terms (e.g. interest rate premium, points/fees, ease of getting a loan) be compared to getting a conventional loan for the purchase?   Btw, this is a 7 unit apartment building so it would be a commercial loan.  Thanks. 
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June 08 2010 - Los Angeles
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You would be just this side of crazy, to listen to this agent. Find yourself a large investment real estate brokerage. You need some professional guidance.

I would be happy to give you a great resource in Beverly Hills. I would also be honored to handle your financing. .... Happy funding, Rudi .... Happy funding, Rudi
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June 08 2010
Newinvestor626, first I would recommend that you contact a Mortgage Lender either a direct lender such as Wellsfargo, CitiBank, or B of A whom you do your regular business and get answers to the questions you raised. Second do your due dilligence and have an agent represent you on the buyer's side whom you trust and get comparables. Finally if the listing agent told you they preferr an all cash, why? Is the property overpriced, or is it have a lot of tenants that are locked in at a low rate? Is there rent control? Next just for my curiosity why would you want to get involved in a multiple offer bid when you do not seem to be ready to even put in an offer on a property that is not in mulitple offer scenario?
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June 08 2010
 
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