OfflineI have two deals on the table. One is closing Friday the other next Thursday. My financing was in place until last Friday then things unexpectedly turned south. Does any one know who I can contact to get the funding I need.
The properties are foreclosures. The purchase price of one is $59k with $20K rehab. The other is $51k with $7500 rehab.
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Maybe you should try to assign them if its possible.otherwise ask a rei club member for a hml that they know of. where are you located?
p.s. Always have a plan B ready to roll just in case.
good luck
Richie.
How about hard money lenders?
Jay C
I'm located in Birmingham, Al
Vaughn Circle comps $51k
450717 - 1309 WARE BLVD, BIRMINGHAM, AL - $105,000
428648 - 753 VAUGHN CIR, BIRMINGHAM, AL - $110,000
434986 - 1104 CORVAIR CIR, BIRMINGHAM, AL - $112,000
455991 - 933 PINE HILL RD, BIRMINGHAM, AL - $137,900
Mesa Dr comps $59k
426778 - Details: 1548 PINE TREE DR, BIRMINGHAM, AL - $106,900
428648 - Details: 753 VAUGHN CIR, BIRMINGHAM, AL - $110,000
447012 - Details: 1662 BIG MOUNTAIN DR, BIRMINGHAM, AL - $128,000
455991 - Details: 933 PINE HILL RD, BIRMINGHAM, AL - $137,900
Do you know any I can contact?
Try to ask for an extension. Tell them that you had to switch lenders and need another 2 weeks (or whatever time you need). It never hurts to ask or try, and can be very understanding in this market.
Then start making calls. Why was the financing turned down? Do you have an analysis of the properties to show a potential lender? Just because 1 lender falls through doesn't mean they all will. Also, try different alternatives. As several have mention, there's hard money; you can also try relatives or close friends to see if they would like to earn a good return on a private loan. For information on being a private lender, I have a free report on my site at http://investmentsbackedbyrealestate.com/ you can give them. (my site isn't complete, but the report is
)