Financing student housing

[housingrental]

Yes with more down know of people getting under 5%

QUOTE (GORDandJULIE @ Jun 15 2009, 12:41 PM) After doing some of my own research, the only type of financing was in the form of private money. Usually this comes with up front cost and much higher rates. If it looked like lenders would loosen up any time soon, I would take it, but it doesn`t make sense for the long run and makes it risky down the road. This makes the financing very expensive and ruins any chance of acceptable cash flow. Unless current buyers are spinning stories to their lenders, I don`t see how anyone is getting affordable financing on student rental properties, yet they are selling around McMaster University in Hamilton.
Has anyone out there had any luck getting decent rates (under 7%) on student housing?

 

[GORDandJULIE]

Adam,
how much down are you talking to get the rate under 5%? How current are those mortgages? Are the buyers telling the lenders that it is student housing? I offered as much as 35% down and still couldn`t find anything that good.

Gord

 

[housingrental]

Depending on what else you have going on you should be able to get something less than that with 35% down.. yes under 5, yes current, yes telling student.

QUOTE (GORDandJULIE @ Jun 15 2009, 07:20 PM) Adam,
how much down are you talking to get the rate under 5%? How current are those mortgages? Are the buyers telling the lenders that it is student housing? I offered as much as 35% down and still couldn`t find anything that good.

Gord