Need HML in NV

have 2 properties under contract - all under 75% LTV ARV - need purchase/rehab $$ - having problems with HML’s in NV - also need to hold payments for 6 months as cannot get funding for buyer because of “seasoning” already have a buyer for one, in a area that IS moving (working on more but need to make sure of financing first)

Does that 75% include all repairs costs and the 6 months worth of payments?

have 6 months holding expenses, but not for payments - also have “hedge expenses” - so can work on LTV a little

Fico 580 is doable It is better to be 630 to qualiify and 690 is better. 75% ARV is average. 80% case by case.

Ex.

Purchase price : 430,000
Rehab :40,000
ARV: 550,0000

Remember, the key is to use other people money and leverage. Keep it simple.

430,000 + 40,000= 470,000
550,000-470,000=80,000 profit yes…if cash Nope! if financing under re-hab loan

ARV: 550,0000 X 75%= 412,500…( Loan amount) this should tell you that you will need out of pocket cost. Remember 430,000 + 40,000= 470,000

470,000 X 14.99% = 70,453 divided by 2= 35,226 ( 6 month interest reserves)
470,000 + 35,226= 505,226
505,226 X 5%(points) = 25,261
505,226+25,261=530,487
530,487+ 2500( closing cost)= 532,987
532,987-412,500…( Loan amount)=120,487 downpayment

550,000-532,987=17,013 Profit Nope!

Selling house … 550,000 X 6% (real estate commission) =33,000

Remember 412,500…( Loan amount)

119,797 downpayment

Yes, there are flexible HML for NV that include rehab $, payments, and costs.