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Private Lending & Conventional Mortgage Advice

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Arlan Potter
  • Investor/Accountant/Builder
  • Meno, OK
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Banks - Can't live with em, can't live without em

Arlan Potter
  • Investor/Accountant/Builder
  • Meno, OK
Posted Sep 23 2014, 12:29

My deal.  25% seller financing. I wanted 75% bank financing. 2 different banks won't even take it to committee. One of the banks, I have dealt with for 10 years. Many loans on properties, lines of credit, construction loans. I have made a ton of money off bank leverage. But now have hit the wall.

They won't even consider it unless I come up with 10% - cash.

I, probably like most investors, I never have cash. I am always fully invested in property. I have tons of equity. I even offered them a first mortgage on $700,000 worth of houses for collateral instead of cash.

Oh well. I will be back to my old game of focusing on paying everything off. Who needs banks anyway.

Frustrating

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