Emergency funds needed
Hey guys, some issues have arisen after closing, and we're looking for small funding to help complete the reno, please! Someone here suggested privatelendinglink.com as a reliable source, so we decided to try it. Due to sensitive information, We're willing to share the loan request we posted there upon request. Thanks.
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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- Austin, TX
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
How is the lender going to make money? How much meat is on the bone? How are you going to make this appealing to the lender that you propose it to?
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@Emil Kostov
Not sure who gave you that site, but to me it’s not even a website
My recommendation is to post what it is your looking for and see if people will consider it
Quote from @Chris Seveney:
@Emil Kostov
Not sure who gave you that site, but to me it’s not even a website
My recommendation is to post what it is your looking for and see if people will consider it
Dustin Lauer reference here and couple more places in the forums.
@Emil Kostov Have you looked into unsecured loans like SoFi or Discover? I used SoFi in the past and they offered me $50k at 12%, rate is slightly high but it is unsecured. Approved in one business day and funds in my checking acct within 2 more business days.
No fees at all, no prepay. Discover offered similar terms although only to 35k.
Hope that helps!
Quote from @Tom S.:Tom, I can't go through the credit score approval criteria, at the moment. I'll be denied. It's a difficult case here.
@Emil Kostov Have you looked into unsecured loans like SoFi or Discover? I used SoFi in the past and they offered me $50k at 12%, rate is slightly high but it is unsecured. Approved in one business day and funds in my checking acct within 2 more business days.
No fees at all, no prepay. Discover offered similar terms although only to 35k.
Hope that helps!
Have you attended your local REIA? @Emil Kostov
You might find a private lender there that can help you. I prefer not having a loan go on my personal credit, so I start with people I know, or references I can get to people.
Otherwise, talk to small community banks close to the property, and perhaps credit unions. Call them with your FICO that you pulled yourself, and ask them, "With my score of ### what can you do with this situation?" Don't have them all pull your credit until you find something that works.