Creative Financing Needed for Investment Property in Steuben, ME

Bangor, Maine
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Creative Financing Needed for Investment Property in Steuben, ME

Jennifer Katherine De Loughy
Real Estate Broker · East Brunswick, NJ · Member since 2020 · 38 posts · 20 votes

Hey all,

I'm in need of maybe some creative financing up in Steuben, ME. Preferably something suited for someone with no/low credit. Can any of you help me out?

Thanks!

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  • Michael Carbonare
    Investor · Fort Lauderdale, FL · Member since 2013 · 920 posts · 607 votes
    2y

    Good morning, Jennifer.  Are you the seller, the buyer/investor, or the Agent in this deal?

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  • Michelle Boss
    Member since 2024 · 8 posts · 3 votes
    2y

    Jennifer, 


    Highly recommend “Wealth Without Cash” for creative financing ideas - if you have not already read it. 

    Without knowing anything about the deal… have you considered owner financing or private money?

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  • Jennifer Katherine De Loughy
    OP
    Real Estate Broker · East Brunswick, NJ · Member since 2020 · 38 posts · 20 votes
    2y
    Quote from @Michael Carbonare:

    Good morning, Jennifer.  Are you the seller, the buyer/investor, or the Agent in this deal?

     Hey, Michael. I am the buyer.

    Should clarify a little more... I purchased this property in 2020. The balloon payment is due in October. So I'm looking for ways to finance it. It's been owner financed since I purchased it.

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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    2y
    Quote from @Jennifer Katherine De Loughy:
    Quote from @Michael Carbonare:

    Good morning, Jennifer.  Are you the seller, the buyer/investor, or the Agent in this deal?

     Hey, Michael. I am the buyer.

    Should clarify a little more... I purchased this property in 2020. The balloon payment is due in October. So I'm looking for ways to finance it. It's been owner financed since I purchased it.


    Can you not get conventional financing? If it is a rental can you get DSCR loan. If it is owner occupied, then you may want to look to sell it before it goes into default.

    7e investments53 Reviews
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  • Robin SimonBusiness Member
    Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
    2y
    Quote from @Jennifer Katherine De Loughy:
    Quote from @Michael Carbonare:

    Good morning, Jennifer.  Are you the seller, the buyer/investor, or the Agent in this deal?

     Hey, Michael. I am the buyer.

    Should clarify a little more... I purchased this property in 2020. The balloon payment is due in October. So I'm looking for ways to finance it. It's been owner financed since I purchased it.


    How low is the credit? Is it rented? LTR or STR?

    [email protected]
    Harpoon Capital514 Reviews
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