Need Hard Money in Ohio Right Away

Financing, Hard Money Lenders, Private Money
1

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.

2

How much hard cash are YOU bringing to the table?

3

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.

4

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…

Regards,

Scott Miller