I am doing a cash deal on a probate and need an extra $35k to close escrow within the next 30 days. I was just denied a personal loan. Ideas?

Asked by Hacksaw89, 90016 Thu Sep 1, 2011

I assume I could get a home equity loan or HELOC after closing to pay off an higher interest loans I would have now. I don't have cash flow problems so I'm willing to pay a premium to get the money inorder to close escrow. I just have no collateral. I'm a sole proprietor of a successful business but it is just under 2 years old. So some lenders won't look at cash flow loans. This is in Los Angeles.

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10
John Arendsen, Agent, Leucadia, CA
Thu Sep 20, 2012
John Judge, it would be nice to put a face with the prose.
0 votes
Brian Byhower, Agent, Hermosa Beach, CA
Tue Sep 11, 2012
Do you need court confirmation? Is there an Executor or Administrator that has full authority? You can explain to them how much you want this property, but you just don't have enough money and ask them if there is anyhing they can do? Who knows, maybe they will adjust the price, or maybe they will hold a note and allow you to make payments to them. It doesn't hurt to ask. You may even get a much better rate than if you got a hard money loan. I hope that helped.
0 votes
Daniel Klein, Agent, Beverly Hills, CA
Thu Jan 5, 2012
You could also get loans against your merchant account if you have one. Also if ther is perceived equity in the property upon purchase, there are companies that will loan you the money to close the transaction, I think for a 1% fee, paid at closing. They are called "transaction funders"

Daniel Klein
0 votes
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Thu Sep 1, 2011
Hacksaw89,

I agree with the responses below and suggest that you contact a private money lender. I am including the link for one that I know is reputable.

Best of luck,

Rob Spinosa
rspinosa@rpm-mtg.com
0 votes
Katherine Jo…, Agent, Rancho Cucamonga, CA
Thu Sep 1, 2011
Try Shane...his email is shae@wilshirefp.com...I do not have his number on me but tell him Katherine Johnson referred you..Good luck
0 votes
John Arendsen, Agent, Leucadia, CA
Thu Sep 1, 2011
Could you email me some information about the property, i.e. address, cost, down payment amount, etc. Also could you give me a little info about your business? P&L, Financial statement, annual revenues, your personal credit (FICO) score? john@arendsengroup.com.
0 votes
Deborah Lon…, , Torrance, CA
Thu Sep 1, 2011
Here is another hard money lender: Chris Inglis with Action Loan Funding: 818-404-6406. I have worked with him before and he did an amazing job for my client. You can use my name, if you wish. No one can have too many referrals to the "money guys"!
Web Reference:  http://DeborahLondon.com
0 votes
Deborah Brem…, Agent, Los Angeles, CA
Thu Sep 1, 2011
Contact:

Jason Davison
Integrity First Financial Group
6333 Greenwich Dr., Suite 280
San Diego CA 92122

He is a private $$ lender.
Deborah Bremner
The Bremner Group at Coldwell Banker
REALTOR, 00588885, ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT
(D) 818.564.6591
http://www.thebremnergroup.com
0 votes
Lawrence Hay…, Agent, Atlanta, GA
Thu Sep 1, 2011
Hello, I have access to private investors that would be willing to lend you the money you need to close on this property. My name is Lawrence Haynes and I am a real estate broker; my primary mode of business is working with investors and helping them with their financing needs. Please call or email me at your convenience. 619-306-4267 or Lhaynes@goshenproperties.net
0 votes
Mike Sullivan, Agent, Gainesville, FL
Thu Sep 1, 2011
Sounds like you may be in the market for some private lenders....higher % and fees, but might get you through closing
0 votes
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