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Updated about 5 years ago on . Most recent reply

User Stats

21
Posts
8
Votes
Joseph Dunphy
  • Rental Property Investor
  • Tennessee and Georgia
8
Votes |
21
Posts

Last minute financing fell through

Joseph Dunphy
  • Rental Property Investor
  • Tennessee and Georgia
Posted

Hello,

Bottom Line: I am under contract on a SFH in Columbus, Ga and I need to find financing or I am going to lose my earnest money.

This week I ran into a bump in the road and am looking for advice. I am under contract on a rental property in Columbus, Georgia. The bank that I usually finance with dragged its feet on approval through the due diligence period. The Thanksgiving Holiday and some bad communication played into it.  Ultimately, I was approved for the loan but the bank does not have any room left in their portfolio for single family homes (only multi-unit). I already have 4x conventional mortgages and that is making it more difficult to find another conventional loan.

I found a portfolio lender that'll do 7/1 ARM at 8% interest, financed at a 30yr ammortization. Also a $5k flat rate funding fee. Is this my only option? Thanks for the help. The financials for the purchase are below.

-Joe

  • Joseph Dunphy
  • Most Popular Reply

    User Stats

    21
    Posts
    8
    Votes
    Joseph Dunphy
    • Rental Property Investor
    • Tennessee and Georgia
    8
    Votes |
    21
    Posts
    Joseph Dunphy
    • Rental Property Investor
    • Tennessee and Georgia
    Replied

    Boom! Found a bank that'll finance for than four. Thanks everyone!

  • Joseph Dunphy
  • Loading replies...