GRQ Properties?

Financing, Hard Money Lenders, Private Money
1

Has anyone dealt with the HML named GRQ Properties? Their loans look OK but I don’t know anything about them. I’m looking to rehab& rent multis. and /or rehab&sell Single fams. Thanx

                          Mike
2

It depends on where you are investing and your FICO score for their programs (they require a downpayment ranging from 2-10% depending on your FICO score).

I need to know more about your intentions before I could suggest there are better alternatives.

Regards,

Scott Miller

3

I’m in Pittsfield, Ma. I am looking to purchase rental properties in my area. There are 2-4 unit buildings available. The $60,000 - $90,000 look like they’re in lower income areas and need various levels of rehab. There are 2-4 unit buildings that range from $150,000 - $220,000 but hey would be tough to cashflow. There are only a few SF homes for flipping. I have a FICO of 687 - 700. I have an income of about $ 70,0000/yr. I have about $3,000 to invest. I’m looking for the best way to purchase a property with 100% financing. That’s why I think the rehab & rent with HML initially, then refi with better terms after the rehab. What do you think EZ Loanz?

4

Small world—I live in Worcester County (I should have known you were a Mass boy by the sarcastic screen name)…

If you are interested in investing in MA, then GRQ is out (they don’t lend in MA).

Your credit is where it needs to be, but your liquidity could be better (depending on the size of the investment)—99% of all rehab lenders work on a reimbursement basis (you fund the cost of repairs out of pocket and then are reimbursed after the repairs have been inspected/repaired).

I know of a program in MA that advances a portion of the repairs costs at closing, but I would need to know more about you and your investment intentions in order to be certain you qualify.

Regards,

Scott Miller

5

Hey there EZLoanz! I’m about 2 hrs. from you. My screename is because I’m a respiratory therapist. I know I mispelled the word phlegm. Sice I kept mispelling it I figured I’d keep it that way. The reason I like the idea of rehab & rent multifams is because I don’t have to put in the high end products that I would have if I had a SFH. Since I’ve never done a “flip”, I am limited in my ability to estimate repairs. But I think if I hired a contractor to give an estimate when we look at the property, it should work just fine. I’ll send you a PM.

                                      Mike