Posted by NJDave on November 29, 1999 at 15:13:32:
If your proposal makes sense, and falls within LTV parameters, it should not make ANY difference how long the property has been owned, or what your profit margin has been, or will be.
I have access to fair, lightening fast, hard money for New Jersey, New York, and Eastern Pennsylvania.
I also structure short sales for the discounted purchase of foreclosed, but not yet REO, residential property.
Where Can I Find Creative Lenders - Posted by Rich Benefactor
Posted by Rich Benefactor on November 29, 1999 at 15:00:43:
Hello everyone.
I was wondering if anyone here knows of a resource for a list of creative lenders that are willing to work with RE investors.
I believe that this newsgroup is probably the best place in the entire world to compile information of this type. I am running into problems with conventional lenders on some of the deals I am putting together.
The most common challenge I’m running into is the unwillingness of a lender to allow a refinance if the property has been owned for less than 6 months. I know there are lenders out there that don’t have this requirement but I don’t know how to locate them short of calling all seven million of them (haha).
The other problem I am running into is that most lenders want a large sum of cash in escrow to show a down payment. Are there any ways around this challenge?
As always, I humbly thank you all for your valuable input.
Wealth to us all…
Rich Benefactor