Updated almost 10 years ago on . Most recent reply
Lenders in Las Vegas
Help! My lenders are killing me. We are no longer in the .65(ARV) minus repairs = offer market. Wake up lenders! Deals are harder to find, and in order to be competitive (and maybe get a contract), you need to offer 75 to 80% of ARV (properties are selling for 10-20% more than the ARV). I have lost FOUR deals because my lender will only approve a laughable amount to offer. How do I find a lender who will consider ALL of the aspects?
Thanks.
Michael C. Gregory
Remedy Investments, LLC
Most Popular Reply
The lenders that are willing to lend you over as-is value are not doing you any favors. They are allowing you to enter the deal in an over-leveraged position. When (not if) the market goes south for whatever reason (it will) you are going to be in a bad spot. They are banking on that to happen...