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Updated about 5 years ago on . Most recent reply

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2
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May Lee
  • Richmond, VA
1
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2
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Who Can Get a "Rental 30" During Covid? (Longterm Rental Loan)

May Lee
  • Richmond, VA
Posted

With secondary lending markets drying up (Lending One, Lima One, PeerStreet, etc.) I need guidance. I have a short-term  acquisition/rehab loan on a duplex I've just about completed, with one unit already getting cashflow. I've spoken with my private money lender and he's more than willing to extend the maturity date of the loan. That same lender would normally have converted me over to a Rental30, but now he can't. Now I'm ready to convert to long-term lending, and have done this many times before. But. Times. Have. Changed. Where are you guys finding people willing to a 15- to 30-year loan on your rentals right now? I have 700+ credit and am highly experienced, but un-experienced in borrowing during a viral pandemic. Please offer ideas, leads, contacts, or help me re-frame the situation...

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