All Forum Posts by: Michael Patrick

@Adrian Mahdian, yes. We are. We have not been able to find any suitable financing for expats and foreigners abroad.

Long shot here….

Does anyone know a mortgage lander who works in Poland ( 🇵🇱 ) who can work creatively with a foreigner and Polish expat?

We are looking to purchase property in or about Krakow (or maybe elsewhere in Poland) and want to avail of financing (whether 50% or more) but are having difficulty finding finance as we don’t have standard employment income in Poland. We have employment and investment income in USD and other foreign currencies and US and other foreign stocks and properties we could pledge in addition to the subject Polish property we would want to acquire.

Appreciate and leads.

@Kevin Hintz, what area of Syracuse?

@Jason DeMauro what did you need a survey for?

@Ronald Starusnak, bold strategy. @Robin Casper, I’m curious what resolution you had here. Also, who did the structural work for you?

I formed an LLC with a relative/partner to purchase, rehab and buy and hold residential duplexes in Syracuse, NY. We each contributed 50K in equity. I loaned the company another 100K as a bridge for a cash purchase and rehab. We expected to be able to refi but the FCU lender we are working with now reports that because my partner's latest tax return shows minimal income in the last year we won't get through underwriting. My returns include a W-2 with over 200K income and additional cash flowing rental properties. We have two properties in Tipperary Hill with four doors in the LLC, which themselves will cash flow enough to service all expenses and the loan. We are as a team financially strong but are failing underwriting solely because the rule of the underwriters at this FCU that each member in the LLC must show certain income each of the past three years.

Has anyone encountered this before? Have any solutions?

I'm looking for solutions to get my 100K bridge loan out. Perhaps another commercial lender or maybe even a replacement bridge loan from a hard money lender. We guesstimate the two houses to have a combined equity of ~200K with a fire sale value of 150K.