If you are looking for more down payment or rehab money, you might consider dealing with lending networks. There are more and more lending networks popping up online that are offering private loans within a network environment. There are a lot of people that are members of these networks that have money to lend. The website is a place where you can post a loan request and have network members bid on your loan.
For example, on LendingClub.com, individuals post an application to borrow up to $25,000 for three years. Lending Club sets a fixed interest rate of 7 percent to 21 percent, and investors bid to fund the loan. Borrowers must meet credit criteria, such as a FICO score of at least 660.
As well as on prosper.com borrowers with good credit (640+) post a loan listing and lenders invest $25 or more towards your loan. Your rate may get bid down in our auction process. The interest rate is fixed for the life of the loan and never changes! Monthly payments are fixed, and will be automatically deducted from your bank account. There are no hidden fees and you can pay off the loan early with no penalty. All Prosper loans are unsecured 3-year fully amortized personal loans.
I just tthought I would share another way to find money for your deals.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125