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Greater Pittsburgh Area Real Estate Investors
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 Post subject: Financing Real Estate Deals
PostPosted: Wed Aug 25, 2010 10:02 pm 
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Joined: Wed Aug 25, 2010 9:50 pm
Posts: 1
Thought I would ask and see how people are financing deals these days. The last rental property I purchased with cash took nearly 6 months to refi with a commercial lender. I'm a little hesitant to purchase with cash right now considering the lending environment. I also ran into a problem with a very weak appraisal on the property.

I guess owner financing (read - avoid the banks completely) might be a good option if you can find the deals.


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 Post subject: Re: Financing Real Estate Deals
PostPosted: Fri Aug 27, 2010 7:14 am 
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Joined: Tue Feb 12, 2008 4:45 pm
Posts: 111
Location: Pittsburgh, PA
Gregg,

Try calling Northwest bank to re-finance a property. If it's in your own name, the closing costs are only $100, the interest rates are very competitive, and it takes about 3 weeks to get the money. If you own the property in an entity, you'll have to get a commercial loan, so the terms won't be as good, but Northwest is still very competitive.

I work with Patty Lewin at the Mt. Oliver branch (412-431-3374), and she's been extremely helpful. Call Rochelle Palone at the Bellevue branch (412-734-2700) for commercial lending.

Good luck,
Emilie


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