Posted by Michael on July 04, 2003 at 19:05:38:
Look for lenders who lend on non ratio loans, there’s not a lot of them, but they do exist, try a search on it.
Good luck,
Michael
Next step info needed(long) - Posted by Kathleen Cory(NY)
Posted by Kathleen Cory(NY) on July 04, 2003 at 09:34:53:
I am deeply involved in the RE field and have had good success. I have a good portfolio of homes and units. A fairly good credit score (680- debt ratio the only problem, no lates) I have worked with private investors locally, but I’m needing to know who to contact to get further funding for good deals. Everytime I take out a new mortgage, it continues to negatively affect my high debt ratio…I don’t want to continue losing points on my credit score.
My problem is I have held most properties to produce enough income to support a few employees and basic working expense. I have a good base, but now I am stuck. The private investors are maxed because I have held everything. (Our agreements provided for this.)
I don’t want to sell off what I have. I continue to get calls from motivated buyers, but I seem to have run out of funding. Is there a way out? I have a pending deal that the seller is willing to take 70%LTV He’s in a gret neighborhood, house in very good condition. What are the next steps I need to get more funding? I know this won’t be the last good deal either…we get calls every week.
Now that I have a solid base of operations, I want to try to do deals that put money in my pocket (lease options and other quick cash methods)Help!!! any advise will be appreciated.