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.