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Updated over 7 years ago,
Help. Can't get funding for good deal.
I was set to close on a fourplex in Cincinnati (4430 Ridgeview) on June 15th in one week.
Unfortunately I have been unable to get any funding through traditional or hard money lenders.
The numbers look decent to me.
$86200 purchase price
$2195 monthly rent, currently 100% occupied
Appraised for $90000, inspection went well.
Cap rate around 19/20%.
The traditional lender rejected my application because I do not start work for another month, and they need 30 days paystubs to close. The hard money lender said that I did not have enough tradelines open currently.
I have already paid around $1000 for the inspection and appraisal and have another $1000 in earnest money.
Is there anything that I can do in this situation to cut my losses?
Thanks