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Updated almost 8 years ago,
Finding financing from private lenders
I purchased my first property last year and was so lucky to find a private lender recommended by my realtor. After a successful year, I am looking to buy a duplex in the same area, but my current lender does not have the funds at the moment to do another mortgage, and I'm worried I will miss out on this great property. I'm hoping for advice or a referral on another lender. Unfortunately, due to my debt to income ratio with student loans, I do not have the ability to qualify for a high enough mortgage from a conventional loan for a 200,000 mortgage (the property is 250,000 and I have the 20% for a down payment). I have been pre-approved for, but am weary of taking one of the interest only "fix and flip" type loans that are only good for 12 months, because I am not 100% confident in just 12 months a conventional loan would be possible to refinance. My current loan balloons in 5 years, which I am very confident with, so would hope for comparable terms.
Does anyone have advice on finding a private lender/loan company, or a referral?