I need help finding hard money or private money. We have a property that we are purchasing for 1.5 mill. We have 2 appraisals at 2.2+. It is going into foreclosure. Our mid fico is 700. All of the hard money lenders that we have talked to want $300k down (which we don’t have). We have a conventional loan that is with the underwriter now and they say everything is good, but they are being EXTREMELY slow. We were supposed to have closed on July 7th. We ended paying another $10k in nonrefundable earnest money, and another $40k in purchase price for them to extend the contract to July 14th. We still have not closed. They say that we should close by Fri.21, but we have heard that for 2 wks now. The sellers will not extend the contract again on paper, but have left if open for whoever can close first. We are planning on refinancing in 2-3 months after we have finished the home. (It still needs carpet, and a few other things.) We have already been approved for that loan. I know that there must be someone out there who has some ideas for us. We would even be willing to put the first 2-3 payments in escrow, so they would be guaranteed. We are out of time, so we need something quick. (If this deal does not go through, then we have lost $45k in EM etc.) Please help!!!
Is your conventional loan stated or full doc and where is it?
The loan is stated. I will PM you with the rest.
I don’t know what the hold up is but there are some good lenders out there for people with good credit. I know of one in particular that can close within 2-3 days.
Can you give me more info? I would like to find out more, and maybe contact them. Thanks.
With that fico why would you need hard money or have to put $300k down?
We started out with hard money because the home still needed the carpet, door knobs, and stair rails. We ended up getting a conventional loan, but they have been extremely slow!!! We passed our deadline date, so went back to trying to get hard money because they are supposed to be able to close in a couple of days. They all wanted $300 down, which we don’t have, so we have gone back to working on the conventional loan. We are in a race with some other buyers to see who can close first because we passed our deadline. (Im not even sure if there really are other buyers, but they were able to get us to raise our price from it.)