Long Term Financing For House Under $20,000?
I have found a property listed for $15,000 and would like to rent it out. Now i have a hard money lined up but I am not sure were to go to find long term fiancing since most banks will now refinace loans for under $50,000. Are there any other options or ideas besides refinancing where I can get out of the hard money loan when the loan expires?
A local commercial bank is always a possibility. Start locally and network. Join your local REI group, etc. Also try www.prosper.com or other person-to-person loan sites.
Funny because it is true at times!
Hee hee!
that was awesome
Thnak you, Mr. Locke.
I am really enjoying the site and forum. Everyone is very helpful and kind.
Thank you for taking the time ot reply to my query.
I hope that you have a great day!
Vivrantthing,
Is your name from the Q-Tip song?
Check out that you can find an escrow/title/lawyer that will the the transactional funding.
You can put whatever you want on the PHUD1 when you submit the short sale proposal, but it is the lender/mortgagee who calls the shots and prepares the terms and conditions to which all parties must agree and adhere.
Lenders are not likely to approve a transaction fee unless you are a named broker as part of the transaction... and even then the fee will likely be slashed.
Find a buyer.
Interesting post you have here. Thanks a lot for the information.