Posted by Vince on January 09, 2001 at 08:37:09:
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Need Some Creative Lenders… Any Ideas? - Posted by Vince
Posted by Vince on January 09, 2001 at 08:27:20:
Hello again all,
First, let me thank you for all your helpful information! This forum is such a wonderful thing for those of us who are sick and tired of being sick and tired and who are willing to do what it takes to succeed!
I was wondering, Are there mortgage brokers out there who will lend to a person with a so-so credit record? No BK’s or forclosures but a tiny tax lien ($600) and some very old medical slow pays (7 years ago).
I’ve heard that there are lenders who will charge you a high interest rate and require a balloon pretty early in the loan. Is this the case?
I am finding income properties where the deal can be done for .40-.60 cents on the dollar with motivated sellers, high cap rates and low GRM’s. It seems that the LTV would be a good bet for a lender as long as they were getting their interest rate and an early balloon.
I don’t have a problem with that type of loan because these properties have stable, long term tenants, very good cash flows and could easily cover even a high loan payment with room to spare.
This is just another option I’d like to explore to make some of these deals happen. I could even use some of the proceeds from the loan to pay down the $3k or so on my credit report and begin to get some positives on there.
Anybody with any ideas would be much appreciated.
Thank you in advance,
Vince
Re: Need Some Creative Lenders… Any Ideas? - Posted by Ed Garcia
Posted by Ed Garcia on January 09, 2001 at 09:53:23:
Vince,
You’ve just found what you’re looking for. My number is (909) 944-0199.
Ed Garcia