Desperate for financing?

I’m in a very bad position. about 2 years ago, a lender said he could ‘help’ me. I was looking to expand. I owned 6 houses, he refinanced 5 of them for me. Stretched appraisals, 80% LTV’s, and a promise that if I bought more houses, he could refinance them WITHOUT SEASONING. My refinancing put me at a loss of $1000 a month (on my business income). This I planned for, I had an additional $33,000 set aside to cover the bills during the time these properties were being rehabbed.
First mark against me: The lender lied just to get the original business. When I asked to refinance the new properties, he wouldn’t return my calls.
Second: I found a new lender, who constantly insisted it would close ‘next week’… never did, and then the lender went out of business.
Third: I hired someone from a friends’ reference. This guy with the real cause for my downfall.
I trusted him to buy all the material and rehab my houses. I expected to pay probably $100,000 for the 4 family, and $20,000 for the others. So, after a few months, and $60,000, all the materials that had been ‘installed’ started disappearing (at that point, the majority of his work was installing windows.)
Then, he took ALL the tools in my garage ($20,000+,) broke into my house, stole $10,000 from there, stole my van, did $10,000 in damage to it. The police were called, but, St. Charles police got him first on non-related charges. So, right now, Hazelwood is waiting for him to be released. After that, calls started coming in ‘when are you gunna come do our house… you took the down payment…’ he had gone out selling jobs under my company’s name, took down payments, then forgot to inform me. The jobs he sold for about the cost of material, if that. So, I lost more money on those jobs.
Because he never finished rehabbing my new houses, I couldn’t rent them. so, the $3,000 I expected to come in from all this, still hasn’t started coming in.
I’ve gotten 1 finished, so, $2,500 is still not coming in. I had a mental breakdown. Perfect credit for 16 years, shot to nothing (low 400’s) in a matter of months. With each month, my credit gets worse, so noone wants to touch me.
When all this happened, my only ‘job’ was managing my properties. for the next year, I had no job, didn’t do much of anything. After a few months of MAJOR doses of anti-depression pills, I’m back to normal. I’m now working doing exterior work as a contractor (the #1 contractor for 2 companies.) and trying to get my life (and credit) back in order. I pulled all my properties out of foreclosure(I sold one, and use the money to set up forebarance plans), BUT, Ameriquest screwed up, applied my money to the wrong account, and SOLD one of my houses under foreclosure. (They bought it). After a month or 2 of fighting with them, they agreed to give it back to me. Then stopped returning my calls, so I’m still trying to get that straightened out, BUT, the Foreclosure on my credit IS NOT TRUE.
THEN, after we got the forebarence plans set up, my wife broke both her ankles, and the insurance company hasn’t processed the claim yet.
NOW, because Ameriquest screwed up, I’ve lost 3 months rent on one house, and 2 months on another house (tenants were related, and figured ‘if he’s losing one, he’s losing them all, so we’ll just stop paying, and stay here till we get forced out, since HE can’t afford to do it.’) So, that’s where things stand.
As soon as I can find someone to look at the WHOLE PICTURE, and refinace ALL my properties, (either in a blanket loan, or all seperate), I can be current, and not have to continually fall deeper with all these late fees.

Any ideas on anyone who might lend money in such a situation?
Total property value is worth around 750,000(last years values, should be more now.).


What specifically do you need? What state are you in?

DHLC, Inc.

I’m in Missouri, and, I need to find out what’s out there. Chances are, in my situation, I’m not gunna find anyone to lend me 80% (or more) at 8% (or less). So, my most probable best step would be, I’ve got a 4 family apartment building (brick) that I need to totally redo and get rented out to start making money again. Though, I don’t even have a CLUE of an ‘after repair’ market value, but being that it’ll bring in $2000 a month in rent when all is said and done, sure’ly it’s worth enough to get $40-$80k out? And with that I could have the apartments finished, and manage to keep all my bills current.

So, basically, a loan against my 4 family to rehab it…