Financing an investment property

[dv8]

Hi guys,

A friend of mine is looking to buy an investment property down in Cork for 260k & has asked me to look into it on his behalf.

The max amount I seem to be able to get for him is 90% through EBS. I guess he will have to fund the other 10% himself someway - though not quite sure how he will do this, maybe he will have to remortgage his own home.

He is 47 & wishes to sell the property on within 5 years. If he asks for interested only will they assess it on a capital & interest basis first & then offer him an interest only option should he qualify?

 

[Ravima]

he will have to find the other 10% plus fees plus stampduty pkus fit out costs if bank will only lend 90%.

He may have to remortgage his own PDH to get this 10%.

He may not get 90% interest only. however, it should be easier to get interest only, as the repayments are lower and will require less of a subsidy from his own funds.