Financing in Austin>Question Details

bluewaveus, Home Buyer in Greenville, SC

Alternative Financing in Central,TX?

Asked by bluewaveus, Greenville, SC Thu Jan 31, 2013

Anyone know of alternative financing options in Texas? Austin, TX metro area. We're in a Lease/Purchase and need to close soon. Probably a few months away from qualifying for traditional mortgage, so looking for a bridge mortgage.

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Bruce Lynn’s answer
Best bet is to renegotiate lease with your current owner.
Unless you have a lot of cash or a lot of equity in the property, no one that makes sense is going to want to do this in most cases.

Hard money is 8-10%, but maybe only wants to finance 75% loan to value, so that's why you have to have nice cash or equity. So if you had to try to go that route, you might have a better chance of just offering that to the current owner.
0 votes Thank Flag Link Thu Jan 31, 2013
Bruce Lynn, Real Estate Pro in Coppell, TX
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I'd suggest you turn to your REALTOR who advised you to get into a lease to purchase deal in the first place. I"m sure they helped you with an exit plan.
Bill
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