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Need a loan for investment property in need of repair, priced at $105,000.

by ingrid548 from Hanover, Maryland. Oct 25th 2016 Reply


There are couple of options equity in property if there or equity from another prope rty, Call/Text Brian 240-750-8315

Oct 25th 2016
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

Please give me a call. I may be able to help you. Jerry-804-519-7289.

Oct 26th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,000 contributions

More info needed.. If you are looking to purchase an investment property that will not qualify right now for financing because it does not meet minimum lending standards, then that loan does not exist using conforming loan programs.. you are restricted to hard/private money loans only.. expect large down payment requirements 30% down or more and high costs and high interest rates.. If you can obtain conforming financing on this property (20% down minimum), then finding a line of credit after the fact might be difficult since most 2nd position loans will only go to 80% Loan to value.. Since the first loan is at 80% loan to value, you don't have sufficient equity to take out a 2nd... Because real estate investing can be very speculative, all the programs, both conforming and private/hard money, will require a large down payment... if you don't have the sufficient funds to make this work, then you should try to find a partner or get some education on how to invest in RE.. I taught a course years back explaining how to get started in real estate investing.. (I have 29 years experience in RE investing) the easiest way to start is to purchase a owner/occupied fix up..Minimum down payment requirements are 3% to 5% down, and interest rates are more favorable for owner/occupied loans than investment loans. Then you live in the home for a year while you are improving it.. then go buy another home to live in and rent out the exiting home.. If you do this every year or so, then in 10 years, you could have 8 to 10 properties... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Oct 26th 2016
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