The mortgage company you use to buy the home you live in is not the one you can go to for an investment purchase. These banks require the utilities to be on and send an appraiser out to the property that comes up with a list of repairs he would like completed before the property is purchased, which is not possible on a foreclosed property.
Commercial bankers are able to look around the obstacles and see the business opportunity that he investment property you are trying to purchase holds. They typically require 25% down, charge 1-2.5 points because it’s a short term loan and rates range from 5.5% to 7%. This is an inexpensive way to borrow or leverage money.
Call Cristy Trepachko 630-248-3702 for an introduction to our lenders.