Should I just give up?
Hello everyone,
This is my first post, but my brother frequents this site so i'm around here from time to time. Anyways, I have been trying hard to secure my first loan, but I have been rejected by many of the top banks. I'm self employed with a good track record of 3 years of tax returns, but most of them say that it's hard for them to give out a loan to small business owners like me. Many people advise me to get a hard money loan, but I don't feel that a 10-14% interest is worthit..Should I just give up?
Most Popular Reply
I once had the same problem so went the route of a mortgage broker, thinking I would get some form of high % private lending. But they secured a loan on a highly speculative investment property with a competing bank 2% higher than a conv. mtg ??
That property returned a very nice profit & in hindsight was well worth the aggravation & irritating fees to get it.
NEVER give up.....