Posted by Jack on February 28, 2008 at 22:35:36:
Contact some smaller local/state banks. If the information you give is accurate, some (not all, or even most, but you only need one) will be happy to loan you money at Prime +1% or so. With Prime at 6% (and headed lower) that is pretty attractive right now.
Is private money still avail. and at what price? - Posted by Eric Tack
Posted by Eric Tack on February 28, 2008 at 14:02:30:
Conforming loans are no longer available to me because I own a whole lot of real estate. In my area, banks are giving away certain properties in great areas, but I have all but run of of capital. I have tons of equity (REAL equity)about $2,000,000 but am finding it nearly impossible to recapitalize using traditional resources. I have excellent credit and I’ve been an active investor for more than 15 years. Does anyone know of anyone looking to employ extra capital around 20% loan to value with a seasoned real estate investor?
Re: Is private money still avail - Posted by RichV(FL)
Posted by RichV(FL) on March 01, 2008 at 16:49:42:
Erick,
Although private money is still out there, with your qualifications I cant see why a local bank would not take care of you. Search around some more.
In up or down markets banks are always looking to do business with people that have good credit like yourself.
Respectfully,
RichV(FL)