Updated almost 9 years ago on . Most recent reply
Cannot find financing anywhere! HELP!
Hey!
I have a deal on a 2 building mulitfamily complex totaling of 16 units. 14 of those units are currently rented out. I have done my due diligence on the property and have been looking everywhere to get financing. If approved for financing it will be a 92% ROI with $1,600 worth of monthly cashflow. I have went to every bank in my city! I have also talked to a few local investors in my city. I mainly get turned down due to my credit not being high enough, but I have been highly active and trying to build it. Everyone I have talked to say it is a good deal but then decline to loan/invest money with me. Is there something I am missing? How do I overcome this hurdle? Is it just my credit? Any ideas or suggestions will be appreciated!