I was wondering if you could help me? I’m looking for some one to help me get financing for my real estate deal. The home is appraise for $285,000 now and is on the market for 247,000 i believe that i could get the home for around 240,000 maybe even a little less. After 20,000 worth of repairs a friend of mine who is a real estate appraiser say the the home should be worth 350,000. Our credit scores are in the mid to upper 500’s and the I would like to be able to get the 240,000 and the 20,000 for the rehab. The loan would be for 1 year or less. If you can help please email me back and I’ll call you at your earliest convince.
Thanks for you time
Angel RIley
There’s potential… where is this property located and how much cash on deposit do you have available…
The property is in kentucky but i’m not sure what you mean by cash on deposit?
cash in the bank. is it near louisville?
This is a classic Hard Money scenario. If all you say is true, a good hard money lender will do this deal all day long.
I may know some in your area…
One line that has caught my attention: an appraiser friend can “say” the property is worth $350,000 ?
Many lenders usually like to order their own appraisal, or they will certainly question the one forwarded in the package
Remember the points (2-6), depending on the funding institution will be deducted from the loan proceed
We do work with investors that are strictly asset-based, however, expect no more than 60 -65% LTV
With an appraised value of $350k, the numbers do not add up
angela,
what is going to be your exit strategy. what will you do with the home after you brought, and after you have repaired it-- then what? Choosing a type of loan would depend on that. What kind of profits are you looking to make? what happens if plan A fails?