I have a great deal in Indianapolis and have built a great team of people. Run the numbers and done all my homework. Everything is in line except the money. I've talked to 14 different lenders all who won't lend to me because it's my first deal. Talked to family and friends, still no credibility, so still no money. What do you suggest next? Just need the down and closing costs.
Good Afternoon, first what amount are you looking for? Because if after 14 lenders, may be you need advice explaining the numbers.
@Melissa Owen Are you talking conventional lending or hard money? I might know a few local to Indianapolis either way.
I would just be careful on the hard money side. Interest, points, and hidden fees can be high. There are even a few HMLs in Indy that I've heard are going under.
@Melissa Owen If you need "just the down and closing costs", you're essentially looking for greater than 100% financing.
So that's probably why the lenders are turning you down unfortunately.
Purchase price: 75,700
Repair Costs: 53k
It's mostly because it's my first deal and it's not in close proximity. I'm in Arizona and the property is in Indianapolis. Lenders don't seem to care that the team I have built is legit!
@Melissa Owen Hi Melissa, I just closed my first deal funded with hard money and I have zero experience before this. I was also able to get preapproved with conventional lenders without issue. What exactly are you looking for? Are you sure you’re looking in the right place? PM me and I can help out, maybe even point you to some good lenders.
Updated about 1 year ago
Forgot to mention that I am also an out of state investor that invests in Indy.
You should be able to find a lender with no experience if you have liquidity and no
Issues with background/credit. Expect to put 20-25% down payment. Is your exit sale or rental?