“Sorry, Brandon… you are too successful.”
Okay, that’s not exactly what they said, but that was sort of the truth. The bank was turning me down for a loan because I had too many properties.
It didn’t matter that I made more money in cash flow than that banker did in his job. It didn’t matter that I had been investing for years and had a sizable net worth. It didn’t matter that the deal I needed financed was incredibly safe from an “LTV” (loan to value) standpoint.
What mattered to them was that I was a square peg, and they had a round hole. I didn’t fit.
This situation happened several years ago to me and happens every day to investors across the world. We don’t fit into their mold for an “ideal borrower.” However, unlike those who say, “I can’t do it” and give up, I asked the question, “How can I do it?” and the quest led me to an awesome solution: portfolio lenders.
And it completely transformed my business…
(Click to read on BiggerPockets…)
P.S. looking for hard money loans in California? Be sure to check out my friends over at northcoastfinancialinc.com. They have very competitive rates, can fund within a week and specialize in fix and flip loans and other hard money loans.
P.S. Looking for more real estate investing knowledge? If you are interested in a top-notch course to help you understand the nuts and bolts of creative real estate investing, I would like to recommend Ben Leybovich's Cash Flow Freedom University. Ben is a close friend and has been my trusted adviser for years. He's a smart guy and CFFU is pretty awesome. The course is waitlisted, but while you wait for an opening Ben will send you tons of FREE content. Seriously. Click here to check it out.
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