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Updated over 10 years ago,

User Stats

47
Posts
7
Votes
Nick Tran
  • Flipper/Rehabber
  • Alexandria, VA
7
Votes |
47
Posts

Private lenders and refinancing

Nick Tran
  • Flipper/Rehabber
  • Alexandria, VA
Posted

Hello everyone!

I purchased $186,000-SFH in Virginia using private lender a month ago. I have to pay the payable amount plus interest back in 3 months. Right now, I have been rehabbing the property. ARV is $400K. I want to refinance to take the some cash out and pay off the loan. However, couple mortgage companies told me that they would only loan me 70%-80% of the purchase price. Moreover, the financial agent said that most banks wouldn't lend money to any buyers in this situation, only cash buyers ( I was considering selling the house.) It has to be a year later.

I'm thinking of getting another private lender to pay the first loan. Have you guys heard of the WPI lender (Wholesale Properties International), which I found on the internet? They provide AVR loan, rehab loan, purchase loan, etc., but they require $4,000 deposit.  

Any insights would be most appreciated.

Thanks so much!

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