Quote:
|
Originally Posted by Cynthetiq
Thanks NoSoup, good info up there.
Here in the NYC area if you are talking about 5 family residences and higher it's 50% down and a substantial amount of liquid cash in the bank (I forget the actual amount but it's in excess of $1M IIRC.)
|
Ah, sorry - I should have clarified. Cynthetiq is correct.
What I state above applies to "Residential investment properties" - which are typically properties that house anywhere from one to four families. If is is more than a four family dwelling, it fall into the category of Commercial loans, which is an entirely different animal.
The information I provided, of course, is typical in Wisconsin - lender policies may vary from state to state.