Updated over 9 years ago on . Most recent reply
where to find financing for investment/multifamily properties?
hello guys,
i hope what i'm asking is not against forum guidelines.
i'm a building contractor in illinois, and am currently building new duplex rentals. i have a dozen of these duplex lots and have 3 buildings started and one near completion. no loans. i'd like to build all the lots, however i dont have enough cash, as i have it tied up in other building lots and properties.
i've talked to a couple local bankers, and they dont think they can loan money. i normally build homes, however this area is still somewhat depressed and have not built any new homes in a while. therefore income is not strong. the vibe i get from banks is they want to see income, and it seems they dont care about assets.
i'm guessing i may be better off finding a private investor? but how do i go about finding one?
thanks,
george