We are a registered corporation in Maine. Found a great buy, need a hard money lender. Purchase price - about $80K, ARV - $180K, rehab cost - $30K. Bank owned, 3-unit. We plan to buy, fix (licensed contractor), hold and refinance with the bank after having tenants in for 6 months, the hard money lender is paid in full upon refinancing. The loan ammount we are looking for is $130K for 12 months, no prepayment penalty, preferably no money down (small amount possible - $1K-2K).We want to roll both points and interest into the loan We contacted HMLs available on this site, and so far could not find a match (either the loan too small, or they require at least 5% or 10%ARV downpayment plus points at closing, or do not lend on rehabs, or do not do residential, or give residential property loans only to individuals, not corporations, or require AT LEAST 4 comps within 0.5 miles and no older than 6 mo (we have one comp only - hard to find in this market), etc). SEASONED INVESTORS, please tell us, if the terms we are looking for are unreasonable! Any helpful advice is highly appreciated!
If you can recommend a hard money lender, do you mind sending me a private message, please?
We allready Googled HMLs in Maine and contacted them with same results so far.