Trouble finding money for a deal
I'm buying a deal wholesale that I'd like to finance up front instead of BRRRR and the seller is willing to work w me. Problem is the deal is around $30k and I can't find a bank willing to finance. Any recommendations ???
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@Justin Franklin Have you tried a local credit union? The big banks wouldn’t touch this as there’s not much money to be made on a small transaction as this one.
Another thought would be to try and request a personal loan for that amount. I’ve used Prosper in the past for 20k. The rates weren’t the best but you may fare better than I did.
By the way your credit card may allow you to borrow against the available limit. For example, I have a Citibank credit card. I have over a $22k credit limit. They offered to loan me my available credit limit at 7% APR with a 5 year repayment. I borrowed 15k once in the past, the cash was transferred to my bank account The loan didn't show up on my credit report as a new loan since it's from my existing credit card.
Might be something to look into