8-Unit under contract

Financing, Hard Money Lenders, Private Money
1

Hi all,

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.

FICO 750+
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.

Thanks,

greg - san diego

2

Try www.lendinguniverse.com for this loan amount you will get 6 good lenders bidding up in 24 hours. Registration is free and service is very efficient and friendly. Since lendinguniverse.com does not collect any commission you will get true competition between rival lenders. 8)

3

Try sagecapital.net. They are supposed to close really fast.

4

All,

Thanks everyone for the great feedback. I just received word that I will be given till the end of August to close.

Thanks again,

-greg-