Posted by Sandra on June 13, 2007 at 13:53:38:
I’m not sure what you mean when you say hard money lenders.
Getting more financing - Posted by Sandra
Posted by Sandra on June 12, 2007 at 22:00:34:
My husband and I bought to buildings a year ago. We have 6 units wiht both of them combined. We would like to purchase more buildings (multi family) but we do not have a 20% or 10% down payment for another building. Any advice? We are in the St. Louis Mo area. Our credit scores are above 650. We just moved here so I am not working at this time. I hope to get something when my daughter starts school in the fall.
Thanks
Re: Getting more financing - Posted by John Corey
Posted by John Corey on June 13, 2007 at 16:15:56:
Sandra,
I am not sure if you need working capital to purchase and fix up a
place or if you are talking about long term financing while you hold the
building as a rental.
Hard Money (HM) is bridge financing. It is normally used when you have
a short term need and normal lenders will not work with you. It is
expensive but serves a purpose for the right deals (heavy discount in
the price which you partially spend on the HM points).
It might be best to work on the job and credit issues as a long term
solution. In the short run find better deals. Maybe deals where the
seller will carry a second if you get a new first. The first will be a lower
LTV loan so that the lender is less concerned about your credit. Or just
seller financing for 1-2 years while you improve your credit, your
income and the property.
Your ability to find deals will make a lot of difference. You can also
consider finding investment partner. You do the work and they supply
the cash. Not everyone’s cup of tea but a solution that some apply with
success.
You might consider the Lenders Workshop as your question is on
target for what is covered there.
Re: Getting more financing - Posted by Jeff
Posted by Jeff on June 13, 2007 at 12:12:24:
Have you looked into any hard money lenders?