4 Ways To Save Your Real Estate Deals When Loan Issues Arise
How can you save our real estate transactions when your financing hits hurdles?
Real estate financing may have become marginally easier to obtain over the last year, but that doesn’t mean that everything will always flow smoothly. Often small quirks can easily be overcome. In other cases the deal just hits a roadblock. Experienced real estate investors learn to recognize the difference. So if your current mortgage loan app is at a dead end or stalemate, how can you save your deposit, funds invested in due diligence, and get the deal done?
1. Tap Retirement Funds to Put Down More Money
In many cases getting a loan is simply about an acceptable risk level for the lender. Many other factors can be overcome if buyers are putting down more money. This can help outweigh being light on assets, having high debt ratios, or weak credit. One of the places to tap extra cash to save the deal is retirement investment accounts. If you are purchasing your own home and are a first time buyer you may be able to tap your 401k or IRA without triggering any taxes. As an investor, rolling over to a self-directed account can make the whole deal even more profitable.
2. Partner Up
If your deal is on the rocks, a conventional loan isn’t an option, but you don’t want to lose the opportunity consider bringing in a partner. If the deal is that good there should be no shortage of potential partners willing to come in with the cash to complete. This can be friends, family, local private lenders, crowdfunded capital, or other peer investors you find online or at area groups.
3. Hard Money Loans
If your original financing is caught in the weeds due to technicalities and paperwork quirks try hard money loans. This offers far more common sense underwriting, and a hard money lender could swoop in and save your deal, and close in just a few days.
4. Transactional Funding
Transactional funding could really be the ace up the sleeve of many real estate investors when they need to close on a deal fast, but don’t have extra cash to put in. Transactional lenders can provide up to 100% financing, with no new appraisal, and can close in just days. It may be the perfect solution to save what you’ve put into this deal, get closed, and still make a profit.
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