b]I want to start by saying I am only trying to find hard money for this project because I said I would. I want to be honest when I said I tried this avenue.
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looking at a pre-forclosure - mtg is about $290 - probably has at least $60K - $70 equity. near grocery chain - zoned ok for care homes etc. which is what she supposedly was planning & ran out of $$$ & is now in pre-foreclosure. She wants someone with hard money to help her out… willing to give partnership in the biz & property & pay up to 16%… opening an Alzheimer’s care home of which there is great need for here & would definately make money… but I qustion if she is the one to pull it off! So far she has not made a payment since last FEB.!
So I have officially asked if there is anyone with hard money on this board interested. Feel free to email me with more questions.
oh plus
(The woman also has a home in pre-forclosure! :
We’ll probably get that as a subject 2 (agreement for sale here) &/or flip it quick)
reason for foreclosure is has not made payments. have no idea what her plan is or how she’ll pay back… she thinks the biz will make buckets of cash. right now she is unemployed. wonder how she ever got these loans… but…
as i said in the beginning
I want to start by saying I am only trying to find hard money for this project because I said I would. I want to be honest when I said I tried this avenue.
tomorrow when I talk to her & see the property, I can honestly say I have tried to find hard money for her project. I also contacted some hard money people I know… it is for PR… it is so I can honestly say I tried, even though I know it is ridiculous… 2 properties in foreclosure, no job, needs more $$$ to finish… I can’t imagine anyone in their right mind would loan money to her… once she realizes it, we’ll buy the property as a wrap or do a short sale if we can get the bank to discount …
no I am not worried about due on sale… have done many of them… besides we will probably flip…
Owe 290,000 minus 60,000 equity = Loan of 230 ,000 is owed.
Loan to value is 79%. On averarge hard money loan is 65 to 75%. There might be those that go that high, but don,t forget to add prepayment penalty, arrears and cost to do loan.means higher LTV.
the prop. is worth $430-$450K mkt value
debt is $290K on mtg… here’s my run down
1 acre, set up for 10 bed care home/ Alzheimer’s care/
foster care zoned residential (all legal & to code etc in this state)
… 2750 sf liveable under roof …plus 4 car garage …75% finished with remodel… needs drywall flooring doors need to be hung
… near new hosp…
$65K down owc current 30 yr loan as a wrap at 6.5% with 2-3 balloon…
so at this point if I can pull this off & find a buyer I’ll flip it as an owc…
make sense?
