Posted by Chris on January 31, 2000 at 24:43:44:
Locate a good mortgage broker who works with investors and you won’t be limited such as you are with a bank. Also, look into creating a note to sell at closing for cash to provide the seller funds. There is also seller financing and sandwich lease optioning to look to.
Check out the articles section of this site for detail.
-Good Luck, Chris
Alternate places that Finance? See Example - Posted by Mark
Posted by Mark on January 31, 2000 at 24:05:49:
Question I have are there other places that I can go to finance real-estate? For Example the is a single-fam. home that is listed for $20,000. I would like to buy it for about $15,000. This property I would like to use for rental property. I have used one bank they have taken back 6 different loans for each type of rental property within the last 12 months. I have spoken to them and they want to wait another year before doing another deal. Are there alternate places that could help me finance these types of deal and others in the future. Because there are several good deals out there it’s just a matter of finding places that can finance quickly. Any info is helpful.
Thanks.
Re: Alternate places that Finance? See Example - Posted by Ed Garcia
Posted by Ed Garcia on January 31, 2000 at 11:09:03:
Mark:
As Chris has stated, it’s time to look for a good broker. I would also like to mention,
that the loan amounts that you are discussing, are too small to be attractive to a broker.
That may be another reason your banker is not reacting to you as they should.
The answer the bank gave you, does not carry water.( it doesn’t make sense).
In most cases you will have to find a portfolio lender in your area to do smaller loans.
Mortgage brokers as a rule, like to do loans for $50,000 and above.
The reason is because they obviously are more profitable, and are easier to sell.
Mark if you continue to have problems in doing your deals, call me and I will help you.
If it’s too small for me to do, I will help you set up with the kind of lenders that will
service you. My number is (909) 944-0199.
Ed Garcia
Re: Alternate places that Finance? See Example - Posted by LAMARR
Posted by LAMARR on January 31, 2000 at 03:57:23:
MARK, THERE ARE OVER 400 DIFFERENT LENDING INSTITUTION
NATIONWIDE.I SPECAILIZE IN DOING LOANS FOR PEOPLE WITH CREDIT CHALLENGES.THERE ARE MANY WAYS TO TAKE IN ORDER FOR YOU TO GET FINANCED.IF YOU DONT MIND I WOULD LIKE TO LOOK THE SITUATION OVER.YOU CAN E- MAIL ME AND I WILL HELP YOU. (DONT WORRY)