Help I need cheaper $$$$ - Posted by David FL

Posted by David FL on June 28, 2001 at 15:24:59:

Thanks Angel. I wish I could have attended the seminar but I only found this site a few days before it started. I wish they had a book. I’ll take your advice and try a small local bank.
Thanks again…David

Help I need cheaper $$$$ - Posted by David FL

Posted by David FL on June 28, 2001 at 14:58:33:

This is my first year full time REI I have done 3 rehabs netting about 70k. I have 130k cash and a 50k credit line and a 740 beacon. To get were I want to be, I need about a 500k to work with. My banker just told me “sorry” all credit lines are based on income (other than real estate) and not the collatral and they have been burned by RE investors. I don’t feel I should have to pay hard money rates. What does everybody else do? Do I just have to pay the price? Are all big banks like this? Anyone in the know I would really like some help. I am closing on 2 homes in the next few weeks and using up a large chunk of my cash. So I need to plan ahead now. Thankyou in advance.
Thanks…David FL

Re: Help I need cheaper $$$$ - Posted by Jay_TN

Posted by Jay_TN on July 08, 2001 at 09:50:02:

David, I am in a similar situation. If you find any solutions, will you please post back to this forum? I would be very appreciative.

I plan on visiting some local “smaller” banks, as well.

Best regards,

Re: Help I need cheaper $$$$ - Posted by Angel Gutierrez

Posted by Angel Gutierrez on June 28, 2001 at 15:11:11:

As compadre Ed would say (probably), talk to your small town banker. The small banks on the corner that will cater to your needs. You’re headed for the big-time and time to change gears. Maybe you’ll start thinking about attending the next Ed & Terry Convention? You know, How to Get Lenders Fighting To Give You Their Daughters–oops, I mean Money?
Talk to Ed as soon as possible to get you to the next level.

Dallas, Tx

Re: Help I need cheaper $$$$ - Posted by jeff

Posted by jeff on June 28, 2001 at 15:09:33:

What part of FL are you in? I know a Hard Money Lender in South FL. If you want some info. and decide to go this route, I believe he is going 15% + 3 points. Email me.