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Author Topic: Looking For Private Money  (Read 2274 times)

Offline zatanaz

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  • *
  • Posts: 6
Looking For Private Money
« on: January 14, 2010, 04:04:00 pm »
Hello,

Looking for hard money lenders in Texas.

I want to borrow up to 60% of after repair value on multiple properties. I will be paying for all repairs and anything on the purchase price above the 60% (ARV).

Example:
After reapir value: 100K
Purchase price: 70K
Repairs: 5K
Total acquisition cost: 75K
Loan Amount: 60K

60K is the loan amount I need from the private lender, the other 15K will be coming out of my pocket.

I'm willing to pay 12% interest only, 5yr balloon, 30yr amortization, no pre-pay penalty.

I have 4 properties (3 rentals), one of them is completely paid off.
My credit score is 700+.

Any suggestions?

Thanx.

Carlos
  modified due to rules violation







« Last Edit: January 14, 2010, 05:27:20 pm by Mdhaas »

Offline DHLC

  • Member
  • ***
  • Posts: 183
    • DHLC, Inc
Re: Looking For Private Money
« Reply #1 on: January 17, 2010, 10:50:08 am »
Hello,

Looking for hard money lenders in Texas.

I want to borrow up to 60% of after repair value on multiple properties. I will be paying for all repairs and anything on the purchase price above the 60% (ARV).

Example:
After reapir value: 100K
Purchase price: 70K
Repairs: 5K
Total acquisition cost: 75K
Loan Amount: 60K

60K is the loan amount I need from the private lender, the other 15K will be coming out of my pocket.

I'm willing to pay 12% interest only, 5yr balloon, 30yr amortization, no pre-pay penalty.

I have 4 properties (3 rentals), one of them is completely paid off.
My credit score is 700+.

Any suggestions?

Thanx.

Carlos
  modified due to rules violation

Carlos,

I am a HML in Dallas.  Here is how the deal will typically play-out with a HML.

Your Example:
After repair value: 100K
Purchase price: 70K
Repairs: 5K
Total acquisition cost: 75K
Loan Amount: 60K

A typical HML will loan you up to $65k which will have $5k  escrowed for repairs (assuming this is all the rehab needed per the HMLs inspection) and $60k towards the purchase price. 

The loan will be for 6-12 months without and pre-payment penalty

You will pay between 3.5 and 5 points to originate the loan and the interest only rate will be 15% - 18%

I hope this helps!

Call me with any questions!

Rob
« Last Edit: January 19, 2010, 09:58:46 pm by DHLC »
DHLC Investments, Inc., Direct Hard Money Lender
Serving D/FW, Austin & San Antonio Texas
972-467-6547
972-759-9790 fax
http://www.dhlc.com

 




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