Went to view the Palm Springs house yesterday and chatted with the Realtor about the financing situation. I clarified that with more than 4 properties, most conventional lenders won't touch me.
He confirmed that the real estate industry is really up in arms because the stimulous money (you remember...that nearly 1 trillions dollars given to the banks...) is not being used for what was required of it. Banks are doing everything but lending.
He's going to scan his network of contacts to see if he can find any creative lenders with portfolio loans. Better yet, I suggested, individuals who might be interested in getting a good return. Divide and conquer - 10 people willing to lend $10,000 will put the deal together, although that would be logistically messy!
My next stop is the Farmers Home Administration to see what their current state of lending affairs is for rural communities, but non-owner buyers.
Thursday, July 2, 2009
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment