Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Creative Real Estate Financing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 8 years ago on . Most recent reply

User Stats

6
Posts
1
Votes
Burgundy Niles
  • Alexandria, VA
1
Votes |
6
Posts

Finding financing from private lenders

Burgundy Niles
  • Alexandria, VA
Posted

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?

Loading replies...