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Updated almost 2 years ago on . Most recent reply

User Stats

54
Posts
33
Votes
Joe Matthews
  • Real Estate Agent
  • Melbourne, FL
33
Votes |
54
Posts

In Desperate Need Of Home Financing Help

Joe Matthews
  • Real Estate Agent
  • Melbourne, FL
Posted

HELP!!!

I just finished my first fix & flip and I truly caught a falling knife. I closed last July just before interest rates rose and prices dropped.

I’m at the end of my Hard Money Loan term and I need to find financing for the house before August 1st.

My problem is this I believe it will appraise around $170,000 but I owe $151,575 on it which does not meet the banks LTV ratio.

We just signed a lease at $1,700 per month starting July 1st.

Is there anyone out there in the community that knows of some alternatives to get the financing done??? This is really hurting me right now and I need help.

Most Popular Reply

User Stats

54
Posts
33
Votes
Joe Matthews
  • Real Estate Agent
  • Melbourne, FL
33
Votes |
54
Posts
Joe Matthews
  • Real Estate Agent
  • Melbourne, FL
Replied

@Kevin Sobilo I did intend to sell it, but when the market changed, it didn’t make sense to sell it. I would’ve lost all the money.

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