Updated over 9 years ago on . Most recent reply
Private Lenders question
My wife and I are brand new on Bigger Pockets and as property investors, and thought I would come here to ask a question. We are asking anyone with experience in Canada or Saskatchewan to maybe help us out with some info.
We just got an 8000 square foot property with an empty lot beside it on contract. We have a tenant we are going to rehab this property for who is going to lease to own over 5 years,
All our number crunching has been done, inspections have been scheduled etc... but now we need to get creative with financing this project as we only have 4 weeks.
We got it for $700,000 and are able to hold it until the end of August with $7000 earnest money which is done, but we now have to find someone who will lend us the money for the down deposit, renovations, holding and closing costs to the tune of $370,000 all in. We were hoping to find a private lender who would accept interest only payments for about 60 months. Is that something you think we could find, how might we go about finding a lender to help and what kind of interest payments do you think we might be looking at?
Is it completely impossible to find a bank that might give a starting company a mortgage that has no financial history yet even if we have 25% to put down?