Updated over 8 years ago on . Most recent reply
Hard Money Private Lender Experienced Investor Insight
I am new to this real estate investing game. Can someone give me an example how to get financing on a property with comps of 2.5 million going to auction for 1.7 million. It will have an instant equity of 750K+. I know around 95% (give or take don't) at this price don't receive a bid at auction.
TIA
Most Popular Reply
It's going to be hard to find a lender that finances at the auction. The other hard part is down payment on such a high price point. Most hard money lenders want around 20% down.
Have you thought about approaching the sellers directly and offering to buy the property before it hits the auction? You'll have more financing options there. This might be a taboo in your state (I know in mine it is), so definitely check your local laws.