Does anyone know of a hard money lender who will do a rehab loan under $50k? Most eveyone I know is over $50k or requires an min ARV of 75k.
I have two properties under contract in S. Oak Cliff. Need to roll rehab, closing, and points into loan. I need to close fast!
Will make Good sec. 8 rentals a 4bdrm and 3bdrm. I plan to refi after rehabbing. I am already approved for that. Just having a hard time finding someone to do a small loan.
Anyone out there??? :help
We do loans as small as 30K HARDMONEY
Only in the state of Florida
65%LTV
That being said… you say the ARV is 75K and you want 50K
65% of 75,000 = 48,750
“And you say you want all closing cost and points into the loan” - Really not going to happen
Points will be between 5 and 10points = up to $5,000 in points
Closing cost would be another 5K to 8K
Hope that helps you out.
Is S Oak Cliff by Dallas?
There are a handful of lenders that can entertain going below $50k.
Several other factors need to be reviewed. Will send an email.