Profile picture for marysonatore

Loan for investment condo which I own outright, in RI.

I own 2 units of a 2 unit condominium "complex" in RI.  I have a mortgage 30 year fixed on one unit and own the 2nd unit paid cash.  I would like a loan of 50,000 to do exterior repairs, but have had not been successful due to the fact that I live out of state.  Both units are rented and bring in about 22,000 per year plus my annual salary is 95,000 per year.  Any suggestions?
  • May 09 2011 - Elmwood
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (2)

Profile picture for marysonatore
Thanks I will look into a construction loan.
  • May 11 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

It's a construction loan for an investment property; so long as your LTV is below, say, 70% you should be fine. Presumably the $50K investment will generate additional equity in the properties.
  • May 11 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.