Hi I am Canadain (Vancouver British Columbia)
I have an opprtunity to purchase REO’s and Pre forclosures in New York. Brooklyn to be specific. I have pipe line that can offer me between 1-3 propeties a month. I have a pool of investors to flip the properties to. I am in need of a quick close no-doc HML to get the properties under contract. I am looking to hold a prperty for no more than 45 days max.
Exaple of a deal I have right now (It may go south on me if I cannot act fast Seller wants at least 45k earnest money- before he will let our investor buyer do a walk through- the property is tennanted)
.:Property is fair market valued at 640K (have comps for it)
.:Property is tied up with the foreclosure speacialst I am working with
.:Seller will let it go for 475K
.:Buyer investor at hand will pay 575K
Have an ageement to give 25% of the gross profit (25K) and the rest I pocket.
This can be replicated more than once a month.This opprtunity fell in my lap (*I lived and ran a company in New York) Trusted assocaite/partner who lives in New York has made the intros. I must produce before Foreclosure team pass me up as a investor.
How do I find a lender for this?