I live in Iowa and have contacted so called mortage brokers to find financing for REI. I am looking for a 65% LTV. The people I have talked to say they can only loan the purchase amount. I ask them if they work with private investors that will lend money at a higher interest rate with the above LTV. They act like I don’t know what I’m talking about.
Does anyone know where I might go to find financing?
Thanks for your help!
So you’re needing a loan based upon the true value rather than the lower sales price. In doing a rehab, based upon the after repaired value.
You want a 65% ltv or higher.
These loans through private investors will require that part of the funds cover costs, payments, and fix up money. You’ll need to be find properties well below market value. Funds will only be short term so you’ll need to have an exit strategy.
I have some programs with a 65% LTV after repair value…
marc