Need Lender In South Florida
I am in the middle of purchasing 2 fourplexes. I planned to pay at least 30% down and the bank had approved finanacing to cover the other 70% plus the rehab costs. Unfortunately the underwriter called me today to say that the bank is no longer doing investor loans and the property is too close to my current residence to qualify as a second home.
I have enough funds to do the purchase outright but not enough to cover all the materials for the rehab.
Spoke to several lenders but they all have a 30 day freeze on the FHA 203K.
I need a another lender. Any suggestions?
These are the numbers:
Purchase price: $78,000
Rehab needed: $80,000
I am willing to consider any viable financing options.
Comments(0)