Hard Money Lending in New York
Hello Everyone!
I just put up my first townhouse in the suburbs of Syracuse NY for rent and am moving my family to our new home. I have been running numbers on hundreds of properties and think I have a clear grasp on my next move but am not sure how to get financing. I just purchased our new home via a VA Loan and have very little equity in the house nor do I have the bank to purchase a house in cash. I heard hard money lenders expect you to have substantial equity along with the numbers making sense for them in order to lend.
I have a great BAIL team (banker, accountant, insurance, lawyer) along with a well known PM and crew for renovations, inspector, and assessor. It seems that financing is the only thing holding me back.
I want to stick with single family homes for now (possibly foreclosures) in the suburb areas unless I can get a steal on student housing.
Anyone have any suggestions on attaining funding for my next purchase?