Refinancing Sources - Posted by BigHarold

Posted by dewCO on August 31, 2001 at 17:23:55:

Contact Ed Garcia, by clicking on his banner. I don’t know of a way, short of selling it, for you to get your cash.

Refinancing Sources - Posted by BigHarold

Posted by BigHarold on August 31, 2001 at 10:29:37:

First, have to thank everyone on this site for a terrific first year! I now own my own house, an investment property, and have two other properties under lease option, with all three properties rented! I’m on my way.

My question is about refinancing. I STILL have bad credit (D-) because I can’t seem to close a deal to get that big chunk of money to clear up past discretions (only about $10K total). I have hard money sources that’ll lend me 65%LTV to acquire the property, and fund the rehab, but every one gives either 6 months or a year to refinance, and herein lies my problem. I’ve been trying like hell to refinance the first property I bought this way, the one I didn’t get through Lease Option. T/B’ers credit is worse than I thought, so there’s NO WAY I can get them financed now. I need to get a mortgage on it to get the original lender off my back, but I’ve only held it since December. HELP!!! If I can do it on this one, that’ll clear some cash and help the credit tremendously, as will any subsequent deals done this way. Thanks again for all the help.

Harold Wilson
Real Estate Investor