Financing and Credit

Wondering if this is true that many small banks will be weeded out, if this will have a huge impact on investors using small banks to get their deals. See article below.

http://finance.fortune.cnn.com/2012/11/09/banks-disappear-obama/?iid=HP_...

Does anyone know of someone lending in Texas (hard money) or buying properties there, now? I have a $20,000 deal sitting here on my desk with no funding or no one to assign it to. I'm not even sure I could assign it, as far as regular assignments or concerned, but I could just sell it.

It would be a good rental or a flip. It rents for about $950.00, and there's a big demand for rentals locally.

If someone has some advice on buying it myself, that would be most helpful. I know how; I just don't have the funding.

I know that InsidersCash provides funding for 30 days, but I would have to have an investor lined up before I would put the house under contract.

Hello

I am a bit confused to escrow and how much money i need to buy a house that i just got approved on.

Got house for 3,000 the escrow is 1,000. Does this mean I ONLY have to come up with the extra 2,000 and the title is signed over to me?

Just wanted to get a clear answer on this, i keep reading examples but what ever reason i am not sure on this.

The 3,000 in the example is assuming that price includes the closing cost, and the house is a foreclosure so its free and clear of liens.

Thank you guys for all the help

1. All lenders are not created equal. Look at the menu.

2. My business is more valuable than money. It has great cash flow potential for your bank. In terms of loans, investment opportunities, checking and savings accounts.

3. They have to qualify for my business before I qualify for their money. There are many lenders to call. Who can satisfy you and wants your business?

4. Money always flows to good deals – it flows even faster to great deals.

5. The deal changes everything. Have a plan in writing with the numbers and facts/comps.

I would like to refinance the mortgage on a duplex (rental - non-owner occupied) in Santa Barbara county but I'm running into the max amount ($575K) permitted with regular lenders. Does anyone know of any lenders that will finance higher amounts (LTV 75%)?

I'm looking to start investing in this area, I have some strategies that I feel will work well in some of the depressed markets there.

I am looking for a Bank or Credit union that will allow me to do a cash out refinance on a new appraised value within 30-60 days after I purchase the home.

***Please do a PM or post here and let me know if you have worked with any in the state of Missouri. Any help would just be amazing.

Thank you

Mikessler

At the 2010 edge event Nathan Street have a short talk on a topic called, "Hard Money Finance Niche," however, I did not understand or even catch what it was about as it was only 3 mins long on the video. Can anyone enlighten me, or send a link on the whole video or something. Maybe you were there or just know what he talked about and can give it in a nutshell? Thanks, TAmmy

Okay, so here is a question for the DG family. Why doesn't Dean come up with a way for all of his students (who've at least purchased some product of his and maybe posted x number of posts on DG.com) to have access to DGHM? (Maybe the DG Insider Group already has this)

Here is my reasoning. I've been looking at all the ways to find deals and I've found many. The part that always holds me up is financing. As a wholesaler, who doesn't have money or credit, it doesn't matter how many deals you find... if you have no buyers list or access to money.

My agent has just emailed me about some offers I was having her send out and she said "The sellers are requiring proof of funds and earnest money of at least $1,000 before an offer is made - if you can scan it that would be good."
I know I can get a POF letter for each property through an online transactional funding company but my question is this:
Since I don't have $1000.00 to use as earnest money, and all she needs is for me to scan a check, can I just write the check, scan it and send it to her without the funds to back it up as long as I get the funds into the account if an offer is accepted?
Will she, the sellers or a bank (if it's an REO) actually verify the funds when I email the scanned check and if so, are there any legal problems doing this without the funds?

We are brand new to this site and REI in general. We have poor credit score due to foreclosure 4 yrs ago . We are seeking advice pertaining funding for investment properties and primary residence for our family.
Thank you so much!!! William & Kerstin Perry