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Forums » Private & Conventional Lending Discussion » Property in Jeopardy

Property in Jeopardy Subscribe to Property in Jeopardy

5 posts by 5 users

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Ken Henson

Real Estate Investor · el paso, TX


Forum_avatar_avatar-kmhendren

Icon_minipost Jun 18 '08, 02:10 AM

Recently put a fixer upper under contract. I was all sent to close when my lender calls me to tell me that they are not going to finance the property because the appraiser labeled the property " below average" . This is not the first fixer upper I've financed with this company but apparently they are getting tougher. My loan is for $59000. The lenders own appraisal stated the property " as is value" is $91,000, so there is plenty of equity in the property. ARV of property is approx. $110,000. The property is in Arlington Texas, in a very nice area. Has anyone else had the same problem and does anyone know of a lender who works quickly and would be willing to loan on such a property. Thanks.

Edited: 06/26/2010 at 05:21AM


Jason F

Real Estate Investor · Gainesville, FL


Forum_avatar_avatar-gainesvillej

Icon_minipost Jun 30 '08, 10:28 PM

do you think the house is really 'below average'? does it need a significant amount of work?

Edited: 06/26/2010 at 05:26AM


Ram Chandrasekaran

Real Estate Investor · Milpitas, California


Forum_avatar_avatar-ramsfo

Icon_minipost Jun 30 '08, 10:56 PM

In one of my posts I was sent this information. Why dont you try this company and talk to them about your REHAB Loan? might help..

http://www.brookviewfinancial.com/

Courtesy - Christopher Lippincott - Our Experienced BP Member.

Cheers
Ram

Edited: 06/26/2010 at 05:26AM


Zachary Wolz

Real Estate Investor · West Palm Beach, FL


Forum_avatar_avatar-clare_zach

Icon_minipost Jul 11 '08, 01:27 AM

Has anyone used this Brookview financial? For hard money it is not as cheap as some lenders I have seen. I would like to talk to them but sending off $395 to an unknown entity is not apealling.
Zach

Edited: 06/26/2010 at 05:30AM


Jonathon Carrington

Real Estate Investor · Washington, DC


Forum_avatar_avatar-carringtonrei

Icon_minipost Aug 07 '08, 12:05 PM

HMLs are not the only source of financing out there. Have you considered private money investments? [EDITED BY MODERATOR - No solicitations in this forum]

Edited: 06/26/2010 at 05:38AM


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