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Updated over 3 years ago,

User Stats

212
Posts
183
Votes
Dan Thomas
  • Rental Property Investor
  • Bow, NH
183
Votes |
212
Posts

Need quick financing options

Dan Thomas
  • Rental Property Investor
  • Bow, NH
Posted

Hi all-

I am a week away from closing (maybe??) on my 4th investment property, a STR on a lake in northern NH. We waited 6 weeks for an appraisal that came in at half of the sale value. This doesn't bother me because my numbers still make sense and I have several comps on the same lake to prove this. He used comps from the other side of the state and excluded 2 recent sales on the same lake that re-enforce this sale price. My agent / sellers agent/ loan officer were all blown away at the lack of effort...needless to say the sellers are getting cold feet and are telling me that if I don't close by next week they are backing out and taking it off the market. They are not willing to lower price or extend the closing deadline. My agent is telling me that my only way to get this done is to come out of pocket almost 200k which is not an option for me. I am appealing the appraisal but am nervous that will not be done by next week. What options for financing do I have that can close in a week? Will hard money get me financing that quickly? Other options? I'm all out of long lost rich uncles.