Profile picture for blarkin_nc

Looking for a private mortgage on owner occupied house. Ideas?

Need a private investor for house with land value of $450K. Want to borrow $285K and will put $100K into the renovation. Have down payment. Will re-fi in 18 months when traditional mortgage will be an option.
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March 29 2011 - Charlotte
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Answers (7)

Profile picture for shapiroamg
Most private mortgages I've seen are for 6 months so you need a plan to be out of it by then. As Andrew said, rules are changing too fast.
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April 17 2011
Good afternoon

Investors are hard to come buy these days. If the property is owned by you I would suggest listing on loopnet. I hope this information helps, Nick
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April 16 2011
Bingo,

You have to be able to accept whatever terms you are offered today long term.  Too much is changing and no one knows what changes will come about in the next 18 months!
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March 31 2011
Profile picture for blarkin_nc
I am happy to keep the financing with an investor long term.

I mentioned the 18 month time frame because we have been working with a lender who said that "all things remaining the same" they would be happy to give us a loan at that time.

I guess the key is "all things remaining the same," right? Rules do change, and we'd be smart to look at the long term impact of any loan.

Thanks,
Bridget
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March 31 2011
What makes you think you will be able to get a traditional mortgage in 18 Months?  I know a ton of folks that planned on refinancing and then all the rules changed.  Short term financing with an exit strategy of a refi is a bad plan!
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March 31 2011
30-35% Down, credit score unimportant. You do need to show the ability to pay the mortgage. No prepayment penalty. Need purchase contract and preliminary title report and can fund in 10 days.
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March 30 2011
You'll need 40% down for a private money loan.

Happy funding, Rudi
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March 30 2011
 
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