Skip to content
Private Lending & Conventional Mortgage Advice

User Stats

43
Posts
19
Votes
Elizabeth Maille
  • Property Management and Investor
  • Fort Lauderdale, FL
19
Votes |
43
Posts

Loan Advice Needed Please!

Elizabeth Maille
  • Property Management and Investor
  • Fort Lauderdale, FL
Posted Jun 26 2015, 17:18
Hi Everyone, I am a 23 year old new to investing. I have an amazing opportunity to be apart of a 7-unit deal with great numbers and I have half of the money I need saved up but I still need 25,000 more for my part of the down payment. My credit score is just under 700 but my credit history is short and I keep getting told "everything looks great but you credit is too young". I've had student loans for 46 months (just shy of 4 years), got my first credit card 7 months ago and have gotten 2 others since to build up my credit score. I tried having my parents co-sign but it didn't strengthen my application enough to approve me for the amount I need. I am a teacher and make 38,000 a year and I have little debt, my DTI is about 16%. I also don't a pay stub with me because I'm on summer break and I'm investing out of state in Florida(with the intention of moving there) and wasn't thinking about bringing one when I came down here. I do have 2 years of tax returns which works for some places but for a bigger loan most places are requiring pay stubs. I can't get hard money because of the financing for the property. Does anyone have any advice on where I could get a personal loan (or any other solutions) for around 25,000 ASAP? I've tried credit unions both in FL and VT, a variety of banks and a large variety of online sites (Lendingtree, Lending Club, Prosper, Avant and many others). Any advice would be appreciated! I would hate to lose this opportunity because the numbers are fantastic. I read BP daily and know there's a wealth of knowledge and experience here so I thought it was worth the shot to see if anyone had advice! Thanks in advance! Elizabeth

Loading replies...