Need Funding For Luxury SFR ASAP

Hello everyone…

I am new to this site and looked through all of the posts and to say the least I am impressed by all of the help/advice that is being given out. The power of networking is vital in the Investing feild so I am going to thank all of you that will be replying to my post beforehand.

I am in the midst of a creative financing project for a SFR Luxury home that I currently have under contract

Details include:

Purchase Price of 1,400,000.00

Seller 2nd at 25% in the amount of 350,000.00
all signed, accepted, and notorized

Property is Lakefront in Millionaire’s Cove at Lake of the Ozarks, Missouri

Stable environment with modest apprciation Avg of 5% to 20% annually

Need financing in the amount of 75% LTV for a min of 6-12 months until I refinance. The total amount of
1,050,000.00. This amount will include fees and points.

Appraised Value 1,400,000.00 as of 12-3-2007

Comes fully furnished and with 3 well dock not included in appraisal amount. Extra 60k +/-

I was working with a so called HML until he asked for monies to be given to him before he issued a commitment and or terms which raised a red flag so I left him standing. He gave all verbal yes’s and basically drug me through the muck until I figured out he was a scam. Doesn’t matter we all learn from mistakes. Time to move forward.

Closing date set for end of month: January 31, 2008
I can extend a few days if needed.

My credit is currently 550 range but under review and getting fully repaired as of today. Alot of old and outdated collections to be very honest. No high credit card balances and 0 mtgs and or forclosures. Alot of good current obligations being met and or closed.

As of closing I will have around 60,000.00 to service the debt as well as an added 50,000.00+/- income generated during the summer as an executive retreat. Will come from expected 10 weeks at 5,000.00 per week minus cleaning costs. I will manage and market myself.

I have about 14,000.00 in cash reserves in bank to be proven along with around 40,000.00 in total comission as I am a liscensed real estate agent as well to come to me at the closing table.

I can not prove income and or assets at this time.

If I have left anything out I do apologize and will get anything needed to make this deal happen as I have invested 4-5 months into this project and do not wish to let it go at this time.

Thank you for taking the time to read my post and I hope I will find the answer that I am looking for here. Thanks again and best of luck to you all.


The seller financing alone is going to preclude you from most conventional financing. You are paying 100% of the value of the property so no hard money lender is going to touch this deal. On top of all of that you need a si/sa loan or a no doc loan. I will be totally honest with you and say that outside of private money or a rich relative you are not going to be able to get this done. You are bringing nothing to the table, and from the wording of your post you are most likely getting cash back at closing. Which is enough to make the payments on this house for at best a couple of months.