Don't give up just because the first 5 lenders turn you down!
I am still scratching my head as to why my borrower got turned down by so many private lenders. The first turn down was a bank but then again a turn down on incomplete construction from a bank is to be expected.
The borrower is an owner/builder and the property was 90% done when he came to us. He had good credit and the LTV stayed below 60%. A no brainer for most private lenders so I still don't know why he got turned down by four private lenders prior to contacting us. In any case he completed the house and has it on the market for $1,079,000. It turned out really nice.
The moral of the story is "don't give up too soon" Just because a deal does not make sense to some lenders does not mean it won't fit into the wheelhouse of other lenders. Just hang in there.
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