I will first make sure that the property can get appraised (are comps available?)
- If there is a loan on the property, you might want to check who the CURRENT LIEN HOLDER is That institution might be willing to lend again.
- Check with LOCAL BANKS as they are sometime more flexible
- HARD MONEY LOAN which we do for up to 50 to 60% LTV ..(You will need to get a second, most likely a seller carry back)
Contact me if you have any questions.
If you exhaust that possibility, then you can try a long term quasi-hard money lender... they rates would be around 9% and loan terms of up to 5 years.. because hard money rates would be around 11% and the loan would be short term.
if you email me directly I can point you to the right lenders... people I have used in the past.
If you find my answer useful, give it a thumbs Up!
I have used hard money hundreds of times. I find the lender/investors on the media that is most used in the area. Craigs List, the local news paper etc. What I have done many times is put the hard money lender in first position and seller carry in second. The smart lenders are concerned with their positon as much as the cash down. If they are lending less than 50% to value and property will sell if the ever foreclose.
Best of Luck, Stephen