Private Lenders that do mortgages instead of just flips

[Vernell D Watson]

Hello All,

I was just wondering. About a few years ago, I initially heard about Delayed Financing through Fannie Mae. It seemed like an awesome product. Recently, I'm assuming, since the pandemic these types of products have become less popular with banks since there is a lot of scared money out there that agencies are fearful towards lending out. Is anyone familiar with Delayed Financing and do you still use it? I've spoken with a few loan officers and they have advised me that if the loan I'm requesting is below 100K don't waste anyone's time because banks aren't interested in small loans. Another thing was that even if you get approved for delayed financing you wont be able to get your money back for 6 months!! That kind of defeats the purpose of using Delayed Financing doesn't it? There are a few properties I would like to acquire that are roughly 60 to 70k a piece. I want them as rental properties so I need to mortgage them. Do private money lenders do mortgages instead of just flips lately due to the pandemic? Any suggestions? I'm in the New Jersey area...