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Author Topic: Looking For Money Lender  (Read 2556 times)

Offline luckyone

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Looking For Money Lender
« on: August 16, 2006, 10:23:28 am »
Found foreclosure home could be a good real estate investment.  Can probably purchase for $65,000 with closing costs included.  Needs $15,000 in repairs.  Could market for $110,000 to $120,000 after repair work.  Need someone to loan not based on credit score.  Live in small town in Ohio.  Wanting to get into real estate investing but cannot find a lender to work with.  

Luckyone

Offline 4EEM

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Re:Looking For Money Lender
« Reply #1 on: August 16, 2006, 03:48:33 pm »
That deal is more than likely not strong enough for hard money lenders.  You should look for deals with an ARV at or under 60%.  
Patrick S. Lawson
Highland Lending, Inc.
Phone  (407) 877-0093
Fax      (866) 476-1133

Offline pulsescan

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Re:Looking For Money Lender
« Reply #2 on: August 24, 2006, 08:18:34 am »
65% ARV is normal. You will need a minimum 620 FICO.



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Offline Investment Loans

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Re:Looking For Money Lender
« Reply #3 on: August 25, 2006, 03:09:46 pm »
Even with a 70% arv lender that we could point you too, the #s dont work.  As Patrick stated, you're buying too high.

If your arv is the higher ($120,000) then you'll be close and may need to bring $8k into closing or have the seller hold a small 2nd until you finish the property.  These figures were estimating the firt 4 of 6 payments rolled into the loan so you didnt need to make them monthly.

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