Looking For Private Money

[zatanaz]

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

[DHLC]

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