JV partner (50/50) or HM lender or Assignment fee

Financing, Hard Money Lenders, Private Money
1

i have a few properties that i am working in Nassau county and Queens/brooklyn counties NY; and in Los Angeles, CA.

I am having problems finding money JV partner(s) with 50/50 split, or a HM lender based on deals.

I am willing to do an Assignment fee, as well.

Any ideas?
Thanks

2

We are looking for the same thing in Maine, but so far all the HMLs we’ve talked to (about three dozen both local and nationwide) require 15-20% of purchase price, or even of ARV(!!!) downpayment PLUS points upfront at closing (not rolled in the loan), PLUS proof of reserves, with which we should start the first stage of rehab (materials and misc. expences) before they let us draw their money after completion of the first stage. How anybody can be successfull in this business? We have GREAT deals, which will cashflow like crazy even after we pay the points and interest, but lack of downpayment scares the private lenders as well as hard money lenders away. They don’t even look at the deal!

3

Are you in a very depressed market? I’m very surprised to hear that about Maine. Here in Phoenix thats typical now.