Recently had a call from a borrower who wanted to refinance and pull out cash on their owner occupied home.
Home was ‘valued’ at 650,000 in north Scottsdale on an 5 Acre Lot.
Currently no loan on the home. Just need $350,000 for brothers medical bills. “We have excellent credit and steady income.”
This sounded too good to be true!
I did my preliminary questions and the borrower said: “have been trying to get a loan for quite some time now”
Oh-oh, red flag.
Continued my questioning, and did not understand what the problem was.
Until I Google View the property.
And bingo-bango-bong, I could see what the problem was.
This perfect borrower had 100’s of old boats on the lot! In Arizona.
It was his hobby, and he was going to fix them up and sell them one day.
It look like a junk yard, not a home.
But I did not give up. I found a lender that ‘would work’ with the borrower and was able to close the loan.
Seems like his hobby of collelcting old boats was a problem but we were able to get him a loan.
Owner occupied private hard money loans are available. The rates start around 8% and go up. We were successful and this borrower qualified for a 30 year loan from a private lender.
Now all he has to worry about is fixing up those old boats and selling them. He thinks he is going to get it done some day. Hopefully before the flood.
Dennis Dahlberg Broker/RI/CEO/MLO
Level 4 Funding LLC Private Hard Money Lender
Arizona Tel: (623) 582-4444
Technorati Tags: bad credit,home loan with bad credit
Texas Tel: (512) 516-1177
Dennis@level4funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters and 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.