Memphis Local Lenders
Hi BP Fam :)
I am an out of state investor and I just closed on my first deal in Memphis where I used a private money lender to close on this deal. I am currently looking for more deals and trying to see how creative I can get with financing. Does anyone know any local banks that allow less than 25% down for investment properties?
Most Popular Reply
Hi Keleisha!
Unless you are buying retail/turnkey then I will be tough to be competitive in Memphis with financed offers...I know personally the last 6-9 months have been extremely competitive even using all cash as a lot of sellers won't even consider anything but cash for investment properties. Have you considered potentially using hard money? As long as you can get the deal for the right price this can be a helpful way to scale. Hard money is definitely more expensive, but it can help you scale a little quicker than traditional financing until you can build a track record and begin pitching to more private money lenders in your network.
Congrats on the first deal and best of luck with finding the next one!