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Updated almost 8 years ago, 03/04/2017
Lender based on cash flow strength
I am purchasing a property that is projected to generate gross rents of $3,000 per month. When I am done rehabbing the place, I am going to be looking to cash out about $60-$70k to do another project. This would be a ballpark figure of about $500 per month in a note (assuming 6%, 20 years). As I am not employed by a company, and as I have just started to buy rentals, conventional banks will not lend to me right now. Is there any person or company I can talk to who will lend based on the strength of the cash flow. I believe generating $3k per month and asking for a $500/month note reflects very strong cash flow metrics. I live in the Houston area. Any help or direction is greatly appreciated. Thanks.