Financing options for next property

[Patrick Livers]

Just wondering if anyone has any suggestions for financing options for my next project. My issue is on paper by myself I don't make a enough money (25,000) to qualify for any loan or line of credit. Currently I own three homes outright and have a good credit score with no debt. Are there any conventional options available to people in my situation looking to start another project. I thought for sure I would've been able to leverage the houses I have to secure financing for future deals, but that hasn't seemed to be the case. Thanks for any advice in advance.

[Marty Johnston]

@Patrick Livers, You aren't the only one in your situation. And you're right, it's becoming much more difficult as time goes on since '08 and lenders are taking further measures to protect themselves. It's possible that you might qualify for a Bank Alternate / Stated Loan. These loans are for people who are not bankable for any reason, and they don't require the same tax return forms and other documents. Some lenders are more lenient than others in these type of loans, but it might be worth your while to check into it. 

A lender would have to know more about your personal situation as well as the DSCR of the property and your alternative income. You mention you have other properties, are these properties bringing you additional income on top of the 25k you make a year? How much? This will play a role for you.

Best Regards