Posted by Chris W on November 26, 2003 at 21:21:33:
You might want to try hard money, non conforming or private investors.Banks like dealing in safe loans that they understand. Since alot of banks of major banks sell their loans to Freddie Mac and Fannie Mae, those loans have to follow strict lending guidelines. You need an investment loan from a lender that deals in the project your trying to do.
Unconventional loan Ideas - Posted by Josh
Posted by Josh on November 25, 2003 at 14:42:59:
I need some financing ideas for an unconventional (read creative) project. I am in the Manufactured housing business and have found a property that I can pick up for 300K. It will cost me 200K to put a house on it and it will sell for an easy 600K.
The bank won’t look at it because of the “speculative” nature of the investment. Any ideas on where to go? This is in the San Francisco Bay area of California.