Hard money for Massachusetts property needed

Im looking to acquire a multi family. My target price for the property is approx 185K - 200K. The as is value is estimated at more or less 275K. I have already seen the property inside and know the condition of the property. I have personally inspected the property and have determined that with 20K in cosmetic the ARV is approx 320K. I will finance the improvements with personal funding.

Im a licensed RE agent and know the market very well. I have a 3 family bldg in the area and know that at 320K this is still a good hold investment for FHA buyer or other investor. At 320K rents cover mortage, insurance, water/sewage, and provides a positive cash flow on a monthly basis.

I have 20% equity or 40K on a condo for collarel and other properties with loans not exceeding value. I have a great payment track record and pretty good credit score. Im open for discussion on points and rate. Im currently unemployed so I cannot get conventional financing nor can I refinanc to use my equity.

Massachusetts has already bottomed out and property values are edging up. How would I go about finding a HML who will finance this deal, please let me know.

Welcome to the REI Club. have you tried contacting any of the Hard Money Lenders in the list under Investor Resources? http://www.reiclub.com/hard-money-lenders.php

I called on the list a year ago with another opportunity I had but had no luck getting responces. I may try again on this deal and see if I can get anyones ear.

What are your plans with the property? Are you looking to fix and flip or are you wanting to do a long term hold?

The goal is to option the property around the 185K range.

I have a couple of options:

  1. 20K cosmetic rehab and sell at around the 310K range
  2. Resell “as is” around the 275K range.

Both option will bring in a conventional or FHA buyer who’ll realize net income cash flow.

If I could refinance to payoff a HML I would hold as the property is a money maker, however since i’m currently unemployed I would not qualify for refinancing.

If anyone is interested in taking on this deal I will present the numbers.

It looks like you have found a great deal. Do you have it under contract?