Monday, 4/24 - Closing Day - Need some extra funds

[Emil Kostov]

Dear BP Lenders and fin. gurus,

I hope this email finds you all in good health and high spirits. A call for help.

I am writing to request an assistance in obtaining the small but crucial funding required for a minor renovation and furnishing of my first investment property. I started in March and unfortunately don't have established business credit history, yet. I made a mistake, instead of using OPM, I depleted my own savings to jumpstart my REI business, but I couldn't just keep reading all those REI books. I needed to start acting. Lesson learned.

I wish to explore creative financing options for a long-term line of credit or loan (10 years or more) that will be utilized partially to raise the overall value of the property. This will include adding an ADU, office, HVAC, and couple more exterior/interior improvements.

I understand that most the organizations you represent have a reputation for providing exceptional financing solutions while prioritizing the needs of the clients and I believe that with your expertise the same could be priceless and prove invaluable in helping me secure the necessary funds to make these improvements to my inaugural property.

I would be grateful if you could provide me with the right information on a creative financing options and the application process. I am prepared to provide all required documentation and work with you throughout the process. Also,  wanted to thank in advance to some of you who already reached out to me with advice.

Please do not hesitate to contact me privately for further information and thank you for your time and consideration.

[Chris Seveney]

@Emil Kostov

Using your own $ vs OPM appears to be the right decision in this case because it appears if you used OPM you could not pay them back since you cannot refinance

What’s unclear is it sounds like you want to start new projects before finishing other projects. Is this a primary residence or rental property?

Getting a private lender at 10 years will be difficult but maybe a DSCR or non qm loan could be done