Have good deal , need 80-85% ARV

Financing, Hard Money Lenders, Private Money
1

Looking for a HM lender or a Partner. Can split the profit 50/50

The reason I ask is that my wife and I are approved for 350k for investing through a HM Lender but he is only doing 70%, and for me to make this deal that came up today work, I am looking for an 80%.

The lender now offers, 70-75% ARV and all the fees, points and 4 months payments taken out of the loan first. I really would hate to miss out on this deal, but it may happen.

The property in question is:

2100-2200 sq ft home, built in 2003
3br/2ba
3 car garage
2 blocks from the golf course
Asking Price is 170k
Tax Value is 192k
ARV 210-240k

Would leave a profit even if split on this one with the lender and sold it cheap to get it sold quickly. I am thinking both parties could walk away with 10-20k each.

The home has been tied up in a deal for 60 days and the buyer fell through, so I have really just a day or so to make something happen. No structural damage or anything the house is only in need of new carpet, paint, some yard work and maybe new cabinets in the master bathroom.

If you feel you can help make this work please let me know,
Jeremy

Time is of the essence on this deal as it really will not last long. I am in the Piedmont Triad in North Carolina… And I believe I gave as many details as I could think of.

I am willing to use the HML I have for this property but I would still need 25k extra to purchase and 5k ( paint, carpet, master bathroom counter, and some new fixtures, possibly a little yard work).

2

The most I have ever seen is 70% ARV. Good Luck!

3

Hey thanks for the luck, I am needing it…lol

I have heard of people using HML’s that have done an 80% ARV, but I havent been able to locate one. SO now I may have to turn to a PL, either way the home would make the PL 10% return…

But hey, if this house doesnt work out I will just keep looking for another.

My first time using a HML , anyone here done any deals they use the HML for. If so i am new to this and would love to hear the deals HM has helped you achieve.

4

I have a lender that will allow for a 75% ARV loan. The only stips are it must be full doc., and there must be a general contractor on the job if the rehab work is over 20K.