Need a quick solution for financing.
I'm looking for some advice on financing a property that I am scheduled to close on in less than three weeks. I initially had bank approval for a conventional mortgage, but because I have too many mortgaged properties, they've changed their mind. Two of my properties do not have enough rental history, although they are currently rented under 12-month leases. I'm told, by the banks, that once I can show at least two years of rental history, I'll be able to obtain mortgages with out issue. This situation is also prohibiting me from obtaining equity loans as well. The bottom line is that I need to obtain financing quickly and be able to hold for at least two years until I can re-fi. Any suggestions?
Thanks,
Steve
Most Popular Reply
Well you have couple options:
Private money lender
Hard money lendey
Partner up
If it is not a reo ask the seller for owner financing or may be a wrap around, also you can try a lease option to purchase at a later time