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02-09-2010, 12:24 PM #1
Banned
- Join Date
- Jan 2010
- Posts
- 54
Renovation Loans
Hey, just wanted to throw this out there in case there are ANY real estate investors still buying properties to fix up to resell or keep as rental units.
I've been using hard money lenders for the last few years, and recently discovered that the VERY small, neighborhood banks are actually almost as responsive and easy to work with as the private hard money lenders, and half the price. The catch: you have to dig to find them, as they don't advertise and won't go out of their way to bring in new borrowers.
Anyway I had a good experience getting rehab money and permanent financing for a rental, thought I'd pass on the word.
Thanks !!!!
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02-12-2010, 02:06 PM #2
Fixer Upper
- Join Date
- Jan 2009
- Location
- VA and NY
- Posts
- 37
That's absolutely right! We've been working with a few local portfolio lenders here in town and it's night and day compared to dealing with larger banks that sell of their loans to Fannie/Freddie.
I literally had a cash-out refi closed less than 3 weeks after bringing it to my lender. And as far as renovation loans, you can pay 12-15% and 6-8 points to a hard money lender, or find a local bank and pay them around 8% with 1-2 points. Pretty big difference right?Free Real Estate Analysis Software - Get Yours Now!
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