Milwaukee Wisconsin lenders?

Question

Hello!

So I’m under contract on a duplex in Milwaukee for 59k. Closing November 30th. I have 25% down.

I’m having trouble locking in a conventional lender.

This is purely an investment property. I live out of state in Texas. My wife and I will be on the loan.

What other options should I look at here? Maybe a hard money loan and then refinance in summer into a conventional?

Maybe somebody on here would like to take a look at the deal? I don’t know. Out of ideas at this point. Have a few more avenues I am pursuing. Beyond that I could really use some creative help here.

Thanks in advance!

Rebecca Knox · Answer

Try Sara Cruz at Inlanta, Ruben Talavera at Success Mortgage Partners, Dave Cooper/Paper City Savings, Eric Wennerstrand or John Haydin/First Centennial or Cardinal Financial---I believe all of them fund out of state deals.  If the property won't qualify for financing right now due to repairs needed, try Milwaukee Hard Money, MGM Capital, Machi Lending or Tailwind Funding.

Brock Mogensen · Answer

I've worked with Tri City and Waterstone (local banks) on deals in the Milwaukee area.  Try giving them a call.  Otherwise a hard money loan until you can prove the financials on the property might be an option.

Marcus Auerbach · Answer

I hate to say it, @Bob E.is 100% spot on, I had the same concern. I don't see many duplexes under 150k that are worth buying. In a decent neighborhood and for a quality builing you are looking at low 200s. So either you are in for a ride or you got the deal of the century - I hope it's the latter. Be sure you do your due dilligence @Ruben Goodbear Anders!

Bob E. · Answer

@Ruben Goodbear Anders A duplex for that price in Milwaukee is likely either in a rougher neighborhood or, if in a better neighborhood, needs a LOT of work.  Did you check the Trulia crime map?  Make sure you get an inspection.

Mike Doney · Answer

Given the timetable for closing and the fact that you have plenty of cash to put down, I would suggest a hard money loan since you'd likely be able to close well within your timeline, whereas a traditional lender may not be able to close before the end of November. Definitely options available in the Milwaukee market for hard money loans. Good luck with the project!

Steve Donovan · Answer

Hi @Ruben Goodbear Anders  I think your best approach would be private/hard money until the property seasons and will become more attractive to conventional lenders.  Do you have enough in the deal to afford the higher cost of the private/hard money?  Send me some details on the deal, I can recommend some possible sources of funds.  Best of luck!

Milwaukee Wisconsin lenders?

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