I am looking for a hard money lender that is willing to lend on 75% LTV or better including rehab. I have several properties that need a little tlc and rehab but not enough to bring it down to the 65% level. So anyone used a lender that may be able to fund my projects? I have looked at the REI list as well as others, but honestly not really found any that i could use for these deals. And any that are in the 65-70 range would be good as well, mostly just looking at points and percentages that are better than what i already have… and good references helps to, if you have used them and it was a good lender i wouldn’t mind contacting them. Colorado…Texas… or Virginia
Prestonwood National Bank in Dallas Texas has rehab loans that are up to 80% ARV but require you to put 10% down at closing.
So the deal looks like this :
Purchase price 70,000. Repairs 18,000. ARV 110,000.
Prestonwood would finance up to 88,000 based on the ARV but you would have to put down $7000 at closing.
Where are the properties located?