@Erwin Miciano absolutely! It wasn’t a super complicated process. I googled all of the banks and credit unions in that region and contacted the mortgage loan officers asking if they would be willing to fund 100% of the purchase and the rehab. I have THREE banks that have said yes so far.
Each bank has their own stipulations, but you basically have to find a really good deal, where there’s a ton of equity left over after the rehab is complete.
Here’s a template that I used recently. Hope this helps! :
Hello NAME!
My name is Tony Robinson and my partner and I invest in property in Shreveport. In the past, we've worked with Home Federal and Aneca to help finance our investments, but we're looking to expand our network.
Both Home Federal and Aneca offer a loan program where they fund 100% of the purchase price and the rehab, if the total cost is less than 75% of what the property will appraise for once the repairs are completed. Do you offer something similar?
Between my partner and I, we have a combined annual income over $XXX,XXX and credit scores above XXX. We love the relationships we've built, but there's a limit to how many deals we can have open with them at once.
Looking forward to hearing from you!
