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Account Closed
  • Tuscaloosa, AL
1
Votes |
8
Posts

Help. Can't get funding for good deal.

Account Closed
  • Tuscaloosa, AL
Posted

I was set to close on a fourplex in Cincinnati (4430 Ridgeview) on June 15th in one week.

Unfortunately I have been unable to get any funding through traditional or hard money lenders.

The numbers look decent to me. 

$86200 purchase price

$2195 monthly rent, currently 100% occupied

Appraised for $90000, inspection went well.

Cap rate around 19/20%.

The traditional lender rejected my application because I do not start work for another month, and they need 30 days paystubs to close. The hard money lender said that I did not have enough tradelines open currently.

I have already paid around $1000 for the inspection and appraisal and have another $1000 in earnest money. 

Is there anything that I can do in this situation to cut my losses?

Thanks

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Linda Weygant
  • Investor and CPA
  • Arvada, CO
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Linda Weygant
  • Investor and CPA
  • Arvada, CO
Replied

Bring in a partner with better credit/income history

Assign the purchase contract to somebody else for what you've got in it, plus *maybe* a few dollars more.  

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