Need Hard Money in Ohio Right Away

I am an Investor in Ohio that has had a great deal fall in my lap. I need Hard Money because I have entered into a purchase agreement on a 4br, 1.5 bath ranch with an ARV of $145,000. 2359 SF. Purchase agreement is for $68,000. I have an “as-is” appraisal for $111,000. It only needs cosmetic work like paint, Carpeting, Landscaping. It is NOT a rehab project. I want a loan for $75,000.

I can use my Bank statements to prove my income, which over the past 12 months is about $103,000. I already have 4 mortgages for investment properties on my credit report that are paid on time, along with a car loan and credit cards. My credit score with TU is a 641 pulled in the past three weeks. Beacon is a 591. Experian is not scoring me for some reason. This loan needs to be closed by September 10th, 2007. It is a Fannie Mae Repo and have been vacant for 16 months. Any ideas? Please advise ASAP. Thank you for your time.

How much hard cash are YOU bringing to the table?

Are you familiar with the Fannie Mae Hud Home deed restrictions?

Last I heard it was 90 days before you could sell or refinance one of their properties for more than 10% over what you paid.

There are hml in the OH that should be able to fund the purchase, fix up, costs, and maybe even payments.

You are playing it tight for the hard money lenders that don’t do an appraisal in-house—I know of several such programs that tout 5 day fundings in OH, IN, KY & MI…


Scott Miller