We apologize, but the forums are closed for new posts. Click Here To Join The Unemployables Facebook Group

Welcome, Guest. Please login or register.
February 03, 2023, 05:26:37 am
Home Help Search Calendar Login Register

Welcome, Guest. Please login or register.
February 03, 2023, 05:26:37 am
Home Help Search Calendar Login Register

Author Topic: 100% hard money needed for multi-family cash cow!!  (Read 4192 times)

Offline daniel101

  • Member
  • *
  • Posts: 1
100% hard money needed for multi-family cash cow!!
« on: September 19, 2004, 12:43:26 pm »
Hi, I'am looking for 100% loan 6-24months, on a $239,000 tri-plex that cash flows $49,000 a year, rents @1500,1400,1200. We are all out of down payment and credit from our recent purchase of a duplex. We have it under contract and would like to close by the Oct 1. We have $500 in earnest money that tied up to property. We have all the doc. from comps,inspection,appraisal(it [email protected],000),lease agreements through next summer,purchase agreement. this deal is to good to pass up. Any info would be great. thanks

Offline tedjr

  • Member
  • *****
  • Posts: 2403
Re:100% hard money needed for multi-family cash cow!!
« Reply #1 on: September 19, 2004, 08:48:14 pm »
Howdy Daniel:

Most hard money lenders ( HNL) will only loan a certain % of the after repaired value and some will not even lend rehab funds. This % is usually just 65 to 70% of the value and will leave you short. Does the seller have a lot of equity? If so they may be willing to finance the remaining balance. Almost impossible to find a HML to loan 100% of the value. Some will loan 100% of the costs to do the deal but it has to be in their % of value.

There are a lot of conventional mortgage companies that will do a variety of loans where the seller carries too like an 80/10/10 deal where the seller carries 10% and you put 10% down.

Keep searching and calling and asking around and you may be able to work it out

Ted P. Stokely Jr

San Antonio, Texas

 




SMF 2.0.15 | SMF © 2017, Simple Machines