All Forum Posts by: Robert R.

Also have credit ratings of 790 and 780. Very frustrating but very learning. 

Good evening everyone,

 We are looking for a residential bridge loan.  Current home purchased one year ago. Own free and clear Approx value $190,00. Looking for $130,000 bridge loan to purchase another property which we plan to move into. Banks won't help. Our income is from 3 overnight rental cabins in Gatlinburg Tn. Can prove income with bank statements. We are at whits end. Any ideas?

Thank you everyone. 

Have you considered a mortgage broker? I am no fan of banks. 

i am a buy and hold guy. 

i would be in for it. 

It has been my experience that they will not count future vacation rental income. The banks do not seem to like them for some reason. We own 3 and only have a loan on 1 but jumped through hoops to get the loan. Try a mortgage broker, but your only hope may be hard money. 

I hope it works out for you. 

i don't know but I will chime in and say avoid Resort Lock. I had them in 2 rentals and the broke in less than 2 years. 

Good luck with your endeavor. Big money to be made vacation renting. 

I would do it this time. As far as any future non essential requests from this tenant I would tell her it is the tenants responsibility to keep the home clean as per the lease agreement. 

I live in the area. Moved here last year. Tell them $185,000 is your offer and the seller can accept, reject, or counter. If the realtor would not submit your offer for $185,000 then he is not acting legally. 

If he is only lending on the property being refinanced, he should have no position at all in the other properties. I would be careful. Check out some of the hard money lenders here on BP.