Having enough cash on hand to sustain your business operations and burn rate is a major problem for many growing RE investors. Many investors will eventually get to a point where they need to seek outside funding.
However, applying for a loan from a bank will take weeks, sometimes months before you can close on your deal. Not to mention that the bank may not even lend to you because of the condition of the property or your current financial situation.
Imagine if you could tell your seller that you can buy their property in its current condition, in less than 30 days with a cash offer? Chances are, that will be the most appealing offer on the table!
That’s where the power of private money comes in!
By the way, if you are looking for private money for your next deal, we may be able to help. Feel free to visit www.wingspreadlending.com or give me a call at 484-706-9601. :)
Your offer with private money may be appealing for a few reasons:
Your seller may be in distress! They may be in a situation where they need to sell a property quickly. Tax sale, for example, can be a compelling reason to sell as the date of the tax sale may be quickly approaching.
The property may need maintenance! If it’s summer time, your seller may not be able to cut the grass of a property they inherited earlier in the year. And they received multiple violations from their local municipality about it.
The house is in bad shape! A seller may just be overwhelmed with the condition of the house and just wants to put it behind them. Depending on the condition of the property, it may be difficult to have a bank commit to conventional financing. Your seller should know that a cash offer will be faster than an offer with conventional financing. And if they don’t, you can inform them of that to help them weigh their options.
In a competitive market, having the most attractive offer on the table can lead to closing more deals which will scale your business faster! You can make those attractive offers by leveraging the power your private lender.
Hope this was helpful for you. If you're looking for a loan on your next deal, please feel free to reach out to us at 484-706-9601 or apply online at www.wingspreadlending.com
Not ready to apply for a loan? We're always happy to connect with people to see how we can help in the future!
By the way, feel free to share this message with others who you think may find this helpful
Thanks!
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