I am in need of a hard money lender or private lender to help in closing this deal! The property in question is a 4 bd 2 bath 1609 sq ft. 2 level home that needs minimal repairs ($8000 tops). Property is a 5 yr old, bank owned, track home and is listed @ $174,900. Comp sales from from April to August support a market value of $236,000. Property has been on the market for 108 days and the bank has not recvd a single offer. I want to put in an offer of $140,000 to the bank and go from there. I am looking to borrow $150,000 to purchase and for repairs. I went to the property today with a Realtor and took pics of the entire property. If there is a lender out there that would like to help I would appreciate it. Other than that any information or suggestions would be appreciated. Thanks
If you look at the left side of the page under investor resources you will find the HML directory. Start dialing for dollars.
I’m assuming from your profile that the property is in CA. There are many HML for that state. These lenders vary in terms of qualification. Some have credit score, income, and asset requirements while the others who are more flexible may have lower LTVs.
I suggest contacting a mortgage professional who specializes in investment loans just like these. They can point you in the right direction and also discuss any refi options you may have.