Greetings:
I’m a small RE investor in western Illinois.
(Currently 4 Properties-6 flips in last year)
I got a problem…
Besides the fact that we have excellent properties at the nations lowest prices…
I bought this 1 bedroom house w/garage & carport CASH for my mother, and mildly rehabbed it, Then she passed away before she could move into it.
It’s currently rented to another family member.
I invested an additional 5K into it.
Property is located in Western Illinois
I used the procceds from another rehab to buy this place cash
My FICO has dropped due to the fact that it’s currently a WashMU revolving equity line
Plus the fact that I somehow ended up with 2 other mortgage loans that are WashMu revolving equity lines.
One equity line will dissappear when the new tenants of another property exercise lease option-but that does not do me any good now!
Normally this isnt a problem- as I dont keep these equity lines long enough to effect Fair Issacs simply by flipping them within 6 months
This time I got caught up and it drastically decreased my FICO 590/620 w/no lates.(as of yet!)
I also put some remodeling materials on Private Credit cards as well
And,… I’m just short of qualifying for business lines of credit
DOH! I screwed up!I should of bought this place on BOC’s-now I cant qualify for them!
My Complications that stop me from getting a conventional conventional loan are:
Short seasoning of title.<less than 6 months
Low loan amount. < under $50K
Too low a FICO for SI/SA
And…it too low in price for hard money
I need to pull the equity NOW!
Details…
Appraised @ $34,194 less than 60 day old appraisal
80%LTV =$27,355 – Wash Mu $11,250=$16,105 cash out
A higher LTV is OK as well –but doubtful
I have offered 20% Interest -6 month minimun w/a 1 yr balloon and cant find anyone…
Where can I find a list of private mortgage investors or anyone interested in making 15/20% short term?
Claude Johnson