Finding Financing for Lease Optionee - Posted by HD
Posted by HD on April 11, 2000 at 17:06:25:
I hope someone out there could be of assistance with this scenario. I will be as detailed as possible.
I currently have a tenant in an L/O, who I am beginning to look for financing for. Her credit is not the greatest, so I wondering what the best avenue would be to begin my search?
I’m looking to close prior to the end of her 1-year lease (8 mos) because I would like to do some other things with the back end profit.
Now, I’m aware that some banks would look at this as a refinance, due to the fact that it was an L/O, but I would only have her for a tenant for 8 months. Would this still be viewed as a refinance?
Also, the other route of creating a note and reselling is not an option–not enough padding on the backend (a solid profit exist, just not enough to work with a note broker)
Does anyone have any suggestions of lenders who work with less than perfect credit in MD or has other suggestions? I’m sure there are many lenders, but I want to make sure she won’t be paying 15%-20% interest and not be able to afford the mortgage.
One last detail, she just switched jobs one month ago, but I would still like to close this deal within the next 30-60 days.
All feedback is greatly appreciated.