commercial financing

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Posted by Dean in NC on July 16, 2008 at 09:13:43:

I was just laid off from my good paying job, with full occupancy my rentals are all cash flowing, but if you look at that income, along with my wife's and the debt we have with our house, our DTI is now through the roof.

I'm in a tight spot where I have a house under contract that I am going to pay cash for, but I don't want to tie up the cash unless I can get financing for it along with another house I own outright in the near future to get that money back. I hate to let this one get away because it will have very high cashflow and will give me 7 houses on a street of 10.

Are there any commercial lenders that will look at the properties by themselves and not our personal income and debt? Do I need to get them both deeded in an LLC and try to get funding through a company backed by personal credit? We have more less-liquid assets, and also equity in the rentals than the loan would be for...that along with high credit I would hope would be worth something....Am I dreaming???

thanks
Dean

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