Cant seem to get financing #Nashville
Purchaser house on 1/2 acre lot 5 miles from downtown Nashville 115k needed roughly 60k -70k in rehab I purchased and done 30k of rehab out of my own pocket to the point my cash is almost dry but the final arv is 300k having trouble w financing so I can finish lacking 30-35k from finishing everything and run into so many lenders and mortgage ppl saying I qualify and the deal is easy no brainer but always ends up something to cause a denial. Let a mortgage guy convince me lending would be no issue since my credit was 740 I'd done 4 flips previously I had a great deal with alot of equity etc he said purchase cash and refi soon after well he basically became a stranger and mislead me so I began rehabbing slowly over next few months doing as much i could well long story short I've gotten it to the cosmetic stage basically and funds are running low but I would think 740 credit 4 or more previous experience fix and flips (and this particular property is going to be 1st rental) it's free and clear as is worth 225-250k now and will be 300k+ when finished but I lack 30k to finish and cant seem to get financing I really need some help getting this resolved where I can go forward what do i need to do???
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@Patrick Sanders All suggestions above may work, but you may also run into the same situations you have ran into before where it takes a bunch of time only to get a denial or rejection. Do you own any other flips or properties at the moment? Those can be used as collateral in certain situations to avoid paying a down payment. I know a few hard money lender contacts that I can put you in touch with and get you approved quickly and get this project completed sooner rather than later. Otherwise, looking into HELOC or personal loan would be a good idea too!