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Updated over 9 years ago,
Trouble finding a lender - is a portfolio lender the answer?
I recently put in an offer on a short sale and bank has approved the price. Had the inspection a couple days ago.... aluminum wiring throughout the house and a small leak in roof. Now, I can't find a lender that will provide a mortgage without having the repairs made PRIOR to close. Property sold as is. I would certainly feel more comfortable making the repairs after the property belongs to me. A local lender suggested looking into a 'portfolio lender.' Is this an option for me? If so, does anyone know of a local portfolio lender in the Melbourne / Orlando, Florida area?
I did inquire about the Fannie Mae Homestyle Loan because this is an investment property but was told it would be a two month process.
Any help would be greatly appreciated!