Depressing News
I'm about a week away from forming an LLC for the purpose of flipping when I just got off the phone with the Vice President of a prominent bank in my area.
Apparently she received numerous communications today that lending to LLC's is next to impossible now with all the headaches coming from Fannie, Freddie, and FHA. They are worried about property value, length of ownership, and more properties going into the red. She said this will definitely affect banks and severely affect mortgage brokers. Of course this is devastating and depressing news for someone just a week away from starting in this business.
Do you guys have any advice? I'm at a loss right now... :cry:
edit: I would need 100% financing as of now FYI