Compare Listings

Financing difficulties

With all of the uncertainty in the financial sector, it seems like everyone is running scared. I have heard from multiple clients this week about this situation. It seems that many of these institutions are putting a freeze on some types of loans. This is in now way across the board at this point, but it is a cause for concern.

If you follow the real estate market at all, you know that there are tons of great deals flooding onto the market. That’s great, but if lending totally drys up we’re all in for a world of hurt. The positive side of this is that we still have FHA to fall back on for financing. Granted, the program is only available to owner occupants, but at least all these multi-families and rehab houses won’t just sit there. There is also the hope that things will start to loosen up quickly following the $700 billion influx in government money from the bailout. UNfortuneatly, nobody knows what the real affects of that money will be at this point.

With this in mind, the question I pose to any of you readers with financial connections is who is still lending? If you work at a bank or have a brother who works at a bank, or whatever; I would like to hear from the source. I generally don’t let people solicit in the comments section, but if you’d like to share some info (REALISTIC INFO!) I’m sure everyone would love to hear from you.

img

Matt Kastner

Matt Kastner is an Investment Real Estate Consultant at St. Louis Real Estate Society in St. Louis, Missouri. He is also develops properties on the side through Threshold Properties. When he isn’t representing investors in the purchase or sale of multifamily properties, rehabs, foreclosures and other income producing properties, he is often taking on rehab projects himself. He lives in South St. Louis and has been in the real estate business since 2004.

Related posts

What happens when you walk away from your mortgage?

If you have ever found yourself struggling to pay the mortgage or know someone who has, the...

Continue reading
Matt Kastner
by Matt Kastner

1 Million Foreclosures Delayed Until 2012?

I'd love to stick my head in the sand on this, but the reality is that the negatives of this move...

Continue reading
Matt Kastner
by Matt Kastner

Top Ten tax tips for home sellers (from the IRS)

Courtesy of the friendly neighborhood tax collecting organization we all love (you love the IRS...

Continue reading
Matt Kastner
by Matt Kastner

One thought on “Financing difficulties”

  • Chris Cook

    October 16, 2008 at 3:49 pm

    A good question. Get any feedback?
    I talked with Pulaski last month and they aren’t really doing any investor loans.
    Southwest Bank was at the rehabbers club last night, and they’re basically only interested in owner occupied loans at the moment, too.

    Reply

Join The Discussion