How To Find "small Time" Lenders For Texas
Can anyone tell me how I can find lenders in Texas that do not have a minimum loan ammount? I have several properties on lease purchase agreements and every add I run I have dozens of qualified people contact me but not enough funds to buy more properties. I have been buying sf houses and fixing them up and letting them out on lease purchases.
I have contacted a few lenders but never get to far because of the minimum loan ammounts . Are there lenders out there that would let me combine multiple properties on one note?
Any suggestions ??
thanks
I dont need a loan for the properties that I presently have. I am needing loan/loans to purchase more investment properties.
I have no particular properties in mind but there are several sf houses in my area that I can purchase at a discount.
I would paint carpet and make any repairs. The more intensive the repairs the better discount I can get. I do 90% of the repairs myself. I usually spend no more than $5k in repairs. I can purchase $20-$25 sf range and never sold less than $50sf.
I have no problem getting someone in them on a lease purchase.
The last time I saw a credit report it was 581
thanks
My average deal has been I have been purchaseing wood frame in the 20k range that has been 100% financed spending anywhere between 1k-3k of personal money on repairs paint and sometimes carpet.
I have never had an appraisal performed but a 2br 1 bath frame starts at $50k
credit score is 581
I have been getting these houses from a local mortgage company as foreclosures. They have been letting me get these houses for what is left on the note 100% financed @ 11.25% for 180 months. They have no more right now. I have been doing repairs and letting them out on lease purchases and offering to finance "side note"on a 240 month note after receiving 12 timely lease purchase payments
there are many left in this area and if you are willing to lease purchase you can get your asking price.
Thanks
I had someone PM me offering to "broker" a loan for me but I must have deleted the message. Please email or PM me again.
Thanks
tathacker:
A bit off topic, but how are you still doing lease purchase options in Texas? I am also in Texas and was under the impression that you could not do them/very difficult to do them due to the new law last fall.
What I am calling a lease purchase is when they lease the house for 1 year and make timely payments I will then draw up a contract.
Trying to do a REFI with no seasoning, cash out, and over 80% LTV…may not be worth it, or may end up costing you more, even if you find a lender that will do it.
The rates you got on you 100% NOO are actually not that bad. And things have changed a lot since January.
You may want to just hang onto the loans you have, and look for 100% NOO again on your next deal.
Or, possibly do a HELOC to pay off your current 2nd and free up some cash. But you will still be faced with the high LTV and no- seasoning issue.
Maybe others will have some better thoughts on this.
Have you tried a HELOC for investment properties? I have 3 currently and there was no seasoning and it is off of the appraisal. Rates are at 8.5 % Must have decent credit and do a full doc. National City and Chase will both do these loans. Must be aware that rates can fluctuate, but you can ask for an interest only payment.
shouldnt be hard at all to get 100% no seasoning, call a broker
it could possibly be the value of the home. the market has softened but rebounded this month. Fannie Mae conforming guidelines allow for no seasoning on rate term refi but cash out is the issue. Go with a good broker who can find the money. otherwise wait one year. make your payments on time. No lates