I've asked this question before, but can someone explain it to me like I'm a third grader. Here's the deal I have over 15 rental properties in the Indy area, and I have bad credit 600 score. Traditional banks wont lend to me because of my score. All of the properties are free and clear. I need the loan to fix the ones that are vacant to be up to section 8 code. Where should I start? Thanks in advance
****** - I'm in the mortgage industry now 17 years. There is a monthly industry magazine that we get that lists lenders all over the country that have these niche programs. There is 1 hard money lender listed in there that lends in Indiana. Here is their contact info. I'm in no way affiliated with this company, but I did a search for you and found them. If that don't work for you, you may want to try a local credit union. Sometimes they will do financing and hold the loans in house. JEM Real Estate Partners
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| www.JEMRealEstatePartners.com | |
| 888-982-5JEM(536) x4 2012 E. Perkins Ave., Suite 152, Sandusky, OH, 44870 Joe Brown President joe@JEMRealEstatePartners.com 888-982-5JEM(536) x4 They lend in: AK, AL, CA, GA, IL, LA, MI, OH, PA, SC, TN, TX, VA, WA | |
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How much work do they need? Im a Beverlly Hills real estate agent and I see problems like this quite regularly. If you want to get creative go talk to some investment bankers. with all the equity you have I'm sure you can get a lone. Try your hardest only to loans against one or two properties (and only two if they're willing to lower the rate)
Another trick bankers here will use is that they'll give you a loan at a lower rate, but you need to invest a certain amount of money into their fund, this allows them to make money two different ways, and you can actually get the money back
Another trick bankers here will use is that they'll give you a loan at a lower rate, but you need to invest a certain amount of money into their fund, this allows them to make money two different ways, and you can actually get the money back
hno:
it's much harder to get such a loan today then it was just a few years ago, government regulations tie everything up. National companies that used to give high risk or non-conforming loans are no longer in business and bankers' hands are tied.
You need private money. I have such a person but he still wants equity (you have) and a good credit score and he'll charge at least 8%. He essentially lends to credit worthy people that can't obtain a mortgage for other reasons like low income or non filed tax returns (you have to be current with your tax returns to get a conventional mortgage nowadays, talk about tying things up)
As somebody already stated, there are private lenders out there, you need to find one. Problem is they're not cheap, you may be better off selling something to fix something else.
You need private money. I have such a person but he still wants equity (you have) and a good credit score and he'll charge at least 8%. He essentially lends to credit worthy people that can't obtain a mortgage for other reasons like low income or non filed tax returns (you have to be current with your tax returns to get a conventional mortgage nowadays, talk about tying things up)
As somebody already stated, there are private lenders out there, you need to find one. Problem is they're not cheap, you may be better off selling something to fix something else.
