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Private Lending & Conventional Mortgage Advice

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Pradeep Roy
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Incentives on closing cost

Pradeep Roy
Posted Apr 22 2024, 15:40

Hi Guys,

I am planning to get my 2nd rental in memphis. It will in he range or 140K to 150K (38118 or 38109). Are there any banks/lenders which would provide some incentives on closing cost and give good interest rates? I have heard there are some local financial institutions which encourage investing in certain areas and are willing to provide some incentives. Please advice..

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Jordan Ray
  • Real Estate Agent
  • Memphis, TN
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Jordan Ray
  • Real Estate Agent
  • Memphis, TN
Replied Apr 22 2024, 21:13
Quote from @Pradeep Roy:

Hi Guys,

I am planning to get my 2nd rental in memphis. It will in he range or 140K to 150K (38118 or 38109). Are there any banks/lenders which would provide some incentives on closing cost and give good interest rates? I have heard there are some local financial institutions which encourage investing in certain areas and are willing to provide some incentives. Please advice..

I have only heard of these programs for owner occupied properties, VA home buyers, FHA & first time home buyer programs and that sort of thing. I don't think you can get anything like this as an investor, at least I haven't heard of it. However, I would be happy to try to get you some concessions (Strategically) on any deals you buy. Let me know if I can help with anything!

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Colby Dorris
Lender
  • Lender
  • Memphis, TN
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Colby Dorris
Lender
  • Lender
  • Memphis, TN
Replied Apr 24 2024, 13:44

Hey Pradeep! I'm local to Memphis and might have what you're looking for. Feel free to reach out and we can discuss. 

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Jacob Sherman
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#1 Land & New Construction Contributor
  • 12 Penns Trail Suite 138 Newtown, PA 18940
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Jacob Sherman
Pro Member
#1 Land & New Construction Contributor
  • 12 Penns Trail Suite 138 Newtown, PA 18940
Replied Apr 24 2024, 16:43

What are you scenarios looking like as far as credit and the types of properties ?