How to get financing for an investment property?

[Andre Wilson]

Hello BP, 

I've been looking to purchase my first income property and I have found one that I really like at a good price but I just need the money so I can get things rolling. I spoke with my bank which, is a credit union and was told they cannot lend me money for investments. Now I feel stuck and I am not a fan of hard money lending because of the points and high interest rates. Are there any banks that are investor friendly or do I need to create a plan and projected rents before I approach the bank? I only need about 15-20K and I'm all set.

If anyone can point me in the right direction that will be great!!

Thank you!

[Charles Kennedy]

@Andre Wilson oh ok, well if one credit union told you that, then don't go talk to any others.

Just give up.