I've been having a bit of trouble identifying a lender for these types of condos and have had to resort to paying cash. I find it hard to believe that there's no financier in between a traditional bank and a hard money lender. My strategy is buy and hold so the fix and flip and other short term products are not ideal. Is anyone experiencing the same difficulty, and how have you gotten around it? Any advice? Thank you!
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The only lender I have found in my area who will finance them is [REMOVED]. Maybe a local credit union in your area will too? Basically, you need to find an institution who does not sell the loan on the secondary market.
Hello Rishi, I have been facing some financing issues as well for the Chicago market however, I may have found a local bank that lends their own money.
I'll find out more in a couple of days.
I saw this link given by someone else on a BP forum and saved it, so give it a try and let us know your results.
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