So here's a quick run down of my situation. I have an investment property that my wife and I purchased a few months ago and already have it leased. We paid cash. Another opportunity came up in the same neighborhood and we would like to put in an offer. However, I'm having trouble getting a cash out refi on my current rental. I spoke with a lender the other day that recommended I use a commercial lender or a private lender. I am just curious if anyone can point me in the direction of a private lending company that may be interested in funding my new purchase. I was told I may need to use both houses as collateral which I wouldn't be opposed to. Just need some advice.
Hello Jason, how much do you need to complete this deal? I'm a private money lender and we lend in Texas. Our minimum loan amount is 50k, any questions email [email protected] or call me 714-624-2011
There are some good private funds available for rental cash flow properties, depending on short or long term. Depending on the LTV you have you should be able to get between 8-10% rate, msg me if you wanted to run a scenario.
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