Financing a deal w/ high debt to income
hey BP. I just had the bank call me and tell me my debt to income is too high for them to approve me for this loan. I have zero cash right now as everything is tied up. I have a private investor willing to pay 20-25% down, but I'm having trouble finding another source to cover the rest of the financing. I've tried a couple Affiliated lenders from BP, and either they don't do multi families or the loan amount isn't High Enough for them to bother with. The property is a duplex I've got under contract for 80,000 that rents for 1075 a month, which more than double covers the payment. Any suggestions or anybody to point me in the direction of where I could come up with this other $60,000 or so that I need, I'm all ears.
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@Jason Grimm my own 2 cents is that if a hard money lender will not touch it, the deal may not be as good as you think it is.