Took hard money loan for $2,500,000 in January. Value of $4,200,000 in Laguna niguel California. looking to refinance or sell to a buyer that I have. " business associate" . what LTvs are available or any advice as to what I should do. Looking for financing to about 3.2 to 3.3. 726 midscore. Looking for lenders?? prepay is now up and I am looking to make a move. I have renovated the property but still need a couple more months to finish. Would like to sell the property next spring. Looking to get from now till then. Any ideas are appreciated. House 2 doors down listed at $4,500,000. 6,800 square feet. For those familiar Bear Brand community.
What kind of renovations do you have left to do on the home and how much are they? Is the home currently livable?
Are you seeking the extra 700k to finish up the home?
have less than 100,000 left to complete the job. Putting the final touches on. I have $300,000 tied up in house and I am looking to free it up. I was going to have my associate purchase the house from me to clear capital. Still need to carry the payments for a few months also. I have over a million in equity with a possibility of more. The property 2 doors down has been listed for only a couple of days and it is listed at 4.5 to 5 million. It will have no problem getting it probably still under the community value by a few hundred thousand according to my appraiser.
So you’re looking for the extra 700k cashout to free up the 300k, cover the 100k in touch up, and use the remaining to carry the payments for a few months.
I would do an option ARM with no prepay.
Hi I have two questions…
Joe, on those option arms do you do no seasoning, SISA?
Also, unlucky, who did you borrow the hard money from?
Thanks in advance!
Cost to cure is going to be an issue. Your best option would be to restructure the terms with your current lender.
What does cost to cure mean? Who were you answering? 
The response was for unlucky. Conventional lenders offer rehab loans where there is “cost to cure”…repairs necessary to market property to buyer who has no interest in making repairs. But these same lenders who will offer rehab loans hate to loan funds on a project once it has already been purchased…go figure.
Hi,
This is for Homepro.
There are no seasoning reqiurements.
No cashout limits.
Joe, what kind of reserves are required?