I have a deal at the moment for $27,000 for a small 1 bed, 1 bath, 664 sqft. condo. The area is okay, properties any where from 40k- 90k (2 bed) tax records are at 65k for the property. Most likely i would hold on to the property as an investment to rent out, or make section 8. After all the figures are ran it will produce positive cash flow so it will be a profitable asset. The bank would like to close by the end of the month, not a surprise. However, i need a loan fairly quick on the deal, basically no financial contingencies would be nice. I don’t want to use my own credit, or cash on hand. Anyone know of some hard money that will fund a condo or any private investor that would loan on terms? I would like a short time loan until i finish a few other deals, or transfer it to a conventional loan. I basically need money to make this a quick transaction and get it to closing. Any other suggestions could be helpful.
This issue is most likely to be the loan amount. Because it is so small the bank will want to know why don’t you just buy it outright?