Audrey Ferguson
Atlanta, GA (USA)
Role(s):
East Atlanta Holdings
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Startup
Location:
Atlanta
Industry:
Real Estate
Year Founded:
2000
Number Employees:
INVALID
Description:
My husband and I purchased a house in Atlanta (3 miles from downtown) in January 2008. We paid cash for the house and used our own money (from our equity line) to begin work on the house. The exterior of the house is complete, we just need around $25,000 - $30,000 to finish the interior.
We have been flipping/building houses for the past 8 years. The banks we normally go to for funding are not doing stated programs anymore. I asked my banker BEFORE I purchased this house and he assured me that if there is no mortgage on it that we would not have a problem doing a cash-out. I called him a few of weeks ago and he told me that they quit doing stated investor loans March 1st and that there is nothing he can do for us.
We both have good credit 700+. We just can't find a bank to do