February 6, 2008, 3:20am
In California. Closing on property on 29th of month.
Need $75k-$150k. Excellent credit, both husband and wife high 700s.
Will our credit be enough to borrow this?
Property is valued at $300k. Purchase price $250k. $75k already down.
Who can help? What kind of terms am I looking at?
Lots of options in CA; such as hard money, private money, unsecured business line of credit, and conventional financing.
I don’t understand why you need more than the $75k already down. Is it a 3-4 unit property?
Can you explain a little bit further what you’re looking for? Additional downpayment funds???, a first mortgage loan???
February 6, 2008, 5:17pm
The property is in Mexico. I was “pre-approved” on a 70% LTV Alt Doc program. The bank has put a hold on fundings indefinately. I need to close on Feb 29th or face a monthly penalty.
The 30% down came from savings.
I have a $75k HELOC I can tap into.
At the very least, I need an additional $75k.
What are my options?
I plan to cash-out refi once the Mexican lenders come back on-line.
I don’t know how it works internationally, But if you need money that fast. A Hard Money lender or Private lendng is one way to go. They’re expensive. Try looking up the Hard Money lenders to the left of the screen. They may be able help you… Good luck!
I agree, to get money fast your probably need to call a hard money lender. Good luck
January 18, 2015, 12:44am
Hard money lenders are much less concerned with credit scores. They care more about the LTV.
Does anyone know anything about the hard money lending industry in Mexico? Does it operate similar to the way it does in the US?