Ineed a lender in Kansas that will lend at least 70%arv.on a home that needs rehabed for resale.My experience has been NO lender will lend on a prop that need rehabed and the user plans on flipping it, it had to be hard money due to lack of holding and prepayment penalties.
I have plenty of fix and flip products that probly will be good for you and your needs. I also have some good hard money lenders. If you want feel free to shot me a email or a call.
Best of Luck
Brad
Brad
Purchase Price = $130K
ARV = $200K
Repair Cost = $15K
Closing Cost = $10K
How much money would you lend on the above example?
FIX AND FLIP
i WAS READING ONE OF YOUR POST FOR A CASH OUT.
gIVE ME A LITTLE MORE INFO
Brad
Brad
Not sure if you responded to my post…
If yes, what additional info do you need?
i senty you a pm
sry the end of it got cut off.
You never mentioned what type of credit was involved but I’ll give you a general idea of the types of rehab loans are out there.
Conventional
Credit scores need to be around 640
80% arv (90% may be possible) (appraisal paid out of pocket upfront)
Several other determining factors such as income/assets
3.5-4.5 weeks for processing, underwriting, closing
Cheaper than HML
HML (nation wide)
70% arv (after repaired value) –Appraisal paid out of pocket upfront
5-6pts
14% int. only
(pts and 4 months of payments taken out of loan)
rehab draws are done on completed work.
Need scope of work, arv comps, and exit strategy.
Can be done in 2 week, maybe less
No income/asset verification needed
6 month loan with possible extensions
now thats HAAAAAAAAAAAAAAAAAAAAAAAAAAAAAARD money !!!Whew I thought my 3 pts 15% 12 mo. was bad
Rehab programs in KS, your looking at $150,000 loan amount based on a $200,000 ARV. $150k is based on a 75% ARV.
Good evening…Does anyone know of a hard money lender in Ohio that doesn’t require money down, and will lend at 65% after repair value?
As long as everything is under the 65% ARV I know of several.