I have a seller who is willing to work with me on financing his home for resale.
He has a single family in Boston,Ma
7rm 5br 1.5baths
minor cosmetics needed around 15k
after repair value is 335k
asking price 200k
So the hard money loan i need would be 215k
only need for a month 2 the most
I dont have any collateral
Would I be able to partner up wit him
or get him to sign some kind of contract so I can use his home as collateral to flip this home
even cut him some equity
any suggestions
As you may know, the majority of conventional lenders dont offer a great rehab loan program for investment properties. Many of your local banks will want 10-20% down with the exception of a few who may work off the ARV.
Some rehabbers choose to just do hard money because of the easier guidelines and quicker financing.
If you do have good credit and assets there are couple solid rehab lenders that may work.
You may also want to email or pm EZ Loans as I think MA is his back yard. Many hard money lenders are local to their state or even city so there could be dozens not common to mortgage professionals out of the state.