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Updated over 8 years ago on . Most recent reply

User Stats

29
Posts
4
Votes
George V.
  • Professional
  • Chicago, IL
4
Votes |
29
Posts

where to find financing for investment/multifamily properties?

George V.
  • Professional
  • Chicago, IL
Posted

hello guys,

i hope what i'm asking is not against forum guidelines.

i'm a building contractor in illinois, and am currently building new duplex rentals.  i have a dozen of these duplex lots and have 3 buildings started and one near completion. no loans.  i'd like to build all the lots, however i dont have enough cash, as i have it tied up in other building lots and properties. 

i've talked to a couple local bankers, and they dont think they can loan money.  i normally build homes, however this area is still somewhat depressed and have not built any new homes in a while.  therefore income is not strong.  the vibe i get from banks is they want to see income, and it seems they dont care about assets.   

i'm guessing i may be better off finding a private investor? but how do i go about finding one?

thanks,

george

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