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 appraised@250,000),lease agreements through next summer,purchase agreement. this deal is to good to pass up. Any info would be great. thanks
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