Wednesday, June 22, 2011

Transaction #16 of 52 in 2011: Investor Refinancing Still Lives!

Have you heard that it is impossible for a real estate investor to get a loan on an investment property? It's just an ugly rumor!

One of the strategies that we are using when we sell properties on contract to real estate investors with good credit is that we agree:
  1. The investor who buys from us on contract will get an equity line of credit from a financial institution to repay Clear Day Capital as much as possible
  2. Clear Day Capital will carry a second for the balance of the purchase price
Pretty simple, right? Yes!

Transaction #16 was the refinance of a duplex we sold on contract. The refinance went smoothly. It was with Golden West Credit Union and was fairly quick. The biggest challenge was the appraisal was much lower than hoped. Duplexes are on sale and it really dragged the price down.

The good news? We found two banks that are offering up to 75% investor loans- fixed rate and 30 year amortization. You'll have to keep reading to learn more about them.

No comments:

Post a Comment