Posted by Daniel Lubell on June 07, 2000 at 20:54:30:
I too work with sellers, and take over financing when I can. But, if you want to broaden your horizons, qualifying for loans is a great way to do it. I can’t tell you how many times I have gotten killer deals by bidding on the court house steps. And, that takes cash George. So, later on I will need to pull the cash out to do it again. Thus, the better the lender’s terms, the more successful I can be in this business.
This makes me a cash buyer, and in a lot of cases, money talks and you know what talks. So, having this tool in the arsenal is a good thing.
I have found out that this is a new tool from Freddie Mac (Fannie is not doing it yet). A national lender that will now give you money long term without regard to the number of properties you own is Interfirst, a national wholesale mortgage concern (http://www.lioninc.com/interfirst). You will probably still need to borrow through a local bank or broker that will package for Interfirst.