Hello All,
My name is Susan and my partner and I live and invest in the Northeastern part of Pa. We are searching for private money lenders. We own a few properties and wholesale as well. We have been in business 4 years. We also coordinate a monthly investors meeting in the Wilkes Barre/Scranton area. We want to continue to buy and hold but have found ourselves spread thin with our other propertie. The properties we invest in have a at least 25% equity left in the deal, cap 12%-17%, debt coverage ratio of at least 1.2, and we like our PCF to be at least $175 or above. Terms of 10% return in 8-12 months time.
25% Equity in this market is not enough. You are going to need more like 30% to 35% MINIMUM. Also a ARY of at least 14% plus some upfront points of 3% - 5% is what most private folks and MLS are looking for. Just my $0.02 :biggrin