I have a project in the works and have locked up 60 % of all funds needed to close this deal in the next 30 to 40 days
The full project cost is 700 K
I need to have a firm /strong commitment of funds of 40 % on this deal asap
The funds would be for no more then 24 months and i do not at this point care what the intrest rate would be
Thank you for all the help on this matter it is a family project
And no one has the good enought credit to get a loan for this as all ficos are in the 500 S
So this would have to be a hard/ private money thing
So you’re wanting another 40% to go along with the other 60%?
Thats 100%!!! Who then gets 2nd position?
You’ve been on this forum for years looking for this. If it wasnt available to you throughout that time then it’s even less likely that its available to you during this period.
So all these deals you’ve been successful at, I’d imagine somone had to finance you on those…wont they finance you on your new projects?
I am amazed at the number of people that are still trying to get financing at 100%. Other than owner financing I am not aware of a lender that is currently financing 100%.
Real Estate,
You borrowers have credit scores in the 500’s which means they have had some credit issues recently. What makes you think that they will be able to get it corrected in 24 months. In addition to that you said
and i do not at this point care what the intrest rate would be
That in itself is a ludicrous statement. How can you calculate costs, profit, payments, etc… if you don’t know what your money is going to cost.
OKAY first things first
1 ) did i say i had a loan on the 60 % no i did not
A ) so why would you say who gets to be the 2 nd
2 ) 100 % can be done but it is not easy
A ) you have to get the right property
B ) the right mix of loan and partners
3 ) yes i have done many deals
A ) with little to none of my own cash
B ) with partners from all over the USA
So i would like to say this no one should jump the gun so to speak and say something is not possible just because they can not do it
As far as not a worry about the intrest rate
I do not care as i will be told what the rate is and then can make it all work on my end
As well just because some ones credit fico is in the 500 s is not saying the problems just happened
With the way of credit now the fact is you could have had high 600 ficos a year ago and now well
May be just possible they do not know how to get it in place
I have all ways belived that if you can dream it or think of it YOU CAN MAKE IT HAPPEN
AS well is not this the place to get help and share the ideas of how to make real estate deals happen ?
This is the time and the days when creative real estate is at its best
When every one says no this can not be done
ALL CREATIVE REAL ESTATE INVESTORS SHOULD SAY WHY NOT
THEN MAKE IT HAPPEN
Eal Estate,
Since you now seem to be an expert on financing please enlighten us on who or what lender will allow you to finance 100% of a deal. Other than OWNER FINANCING as I had previously mentioned. It has nothing to do with what can or can’t be done. It has to do totally with what is available out there in the market.
As for the rest of your post it makes absolutely no sense at all. Your “make your dreams happen” speech is very heartwarming but putting anyone ESPECIALLY family members into a loan in which “interest rates don’t matter” is flat out irresponsible and to be honest reeks of desperation.
Chris
Hey thank you for your input on matters
And now lets all go make money you your way and i will go my way to the money
I do not want you to take the above words wrong at all as you have your ways and i mine
And to call my thougts what you did was wrong they are my thoughts as well if my family wants to go in to a deal and know that they have to accept what ever the loan person wants due to personal facts then so be it
But i did not talk them in to any thing and they asked me to be there spokes person on matters we have talked on this matter way befroe this and any post on the matter
I just want to say as well to all new realestate investors
DO NOT STOP DREAMMING OR STOP WORKING YOUR DEALS AND DO NOT LET ANY ONE TELL YOU IT CAN NOT BE DONE
Real Estate,
The only thing I would add to your post is this.
ALSO DON’T LET ANYONE TALK YOU INTO A DEAL IN WHICH "THE INTEREST RATE DOES NOT MATTER".
I am to be dreaming of a fREE commercial property wit 0% vacancy.