Been a long time lurker of the boards. This is my first post. I am hoping someone can help direct me to a source that can provide hardmoney for quick close, until my normal lenders can put new loan in place 30+ days.
I have a multi-unit (8units) under contract. Purchase price $140K. AVR 280K. Current estimates for rehab/repair are around 40-45K. I am looking for a source that can provide the initial 140K. I have the process started for an AVR loan of 190K, but my lenders are telling me they need 30 days. They will do a 75% AVR loan, and I have been given the green light on this.
Because of the sellers situation, they have a balloon coming due, and have to do something quick. We have a scheduled quick close date of 8/2/06. We can get a little movement of the date but not enough time for my new AVR loan to get put in place.
140K to be paid back in 30+ days. Just need terms or rate/points etc.
If anyone has any ideas or sources please let me know. Any and all comments are welcomed.
greg - san diego