My financing just fell through and I close in 4 days. I am in South Dakota and need a purchase w/ rehab loan. My CLTV is less than 61% of the ARV. I am being turned down by everyone I talk to and am starting to feel desperate.
I suppose I should add the details. This is a SFR. 65,000 purchase / 25,000 rehab / 145,000 ARV. Prime neighborhood with listings averaging 15 days at 97% of asking price. I don’t want to walk away from it, but I am losing hope. Can someone please give me some advice on what to do now.
What is the reason you’ve been given for the rejection? That might help people give you better insight to a solution. In the mean time, have you tried big banks, small banks, private lenders, hard money, putting something else you own up for collateral, heloc, or selling blood plasma?
99% of the hard money lenders I have talked to said they do not lend in South Dakota. The private money lenders will only do 80% of the purchase price and I need 100%. I found a broke who said he had a lender lined up for me, so I paid his broker fee. After I paid the fee, he stated his hard money lender would not do it because the purchase price is under $75,000 but that he had a gap lender that would fund 100% of the project because it was under $100,000. Then he stated that no one is lending due to the holiday. Now I can’t reach him at all.
ATTENTION: Don’t pay a hard money lender a fee, before he funds your loan. Why? Because you’ll end up paying a fee and get no loan.
Since your here, why don’t you learn how to get the capital that you dont have vs having to pay a hard money lender outrageous rates. Wholesale and get some capital and under your belt. it will help you with your lender since you are going that route. :bobble
I agree. Scammers are everywhere so we must be very vigilant about it.