Needed Hard Money Lender Asap!!!!

Financing, Hard Money Lenders, Private Money
1

I have a deal right now i’m working on… I need a hard money lender asap so we can aquire this property and rehab it quickly, to get it back on the market, looking for aprox…$ 256,000.00 that total aquire plus fix up… thanks Big Shem
;D

2

Where is the property?

3

If you could be a bit more detailed so we know where to direct you. I have several soureces for funds but need more info.

ARV
Credit
Location
Purchase price
Cost to fix up
how long you need funds

Would conventional financing be better? If you have the credit score and can cash flow to support the payments soft money or conventional financing may be available to you.

4

OK here we go ,
Arv= 280,000 to 310,000
location= South Jersey
purchase price= 226,000
cost to fix= 10,000 to be on the safe side actually lower
would like to drawthis out as needed
How long= 3 to 6 months

                          Thanks BigShem :o
5

Shem,

Most HMLs will only go to about 70% of the arv. So pinpointing the value is critical.

Even using best case at $310,000 may not cut it.
70% = $217,000
That’s $20,000 short (including rehab funds)
Not to mention closing costs which could be up to $12,000.

Do you have any assets, checking/savings that you plan to bring in? Would the seller hold a 2nd lien for any shortage?

Since your credit score should be ok, if you had 10% down, maybe conventional financing would be better. Closing time frames are longer than a HML though.

6

Have you tried any traditional sources of funding? I was speaking with a loan officer at Chase this morning (I thought I might as well give them a try as I bank with them and they keep trying to get me to take more of their credit cards) and it turns out that although they don’t advertise the fact, they will do a traditional 30 year mortgage at 6.25% on a Non Owner Occupied property, NO penalty for early payoff (as I am looking at flipping it would be very early!) they will lend up to 75% of appraised value or asking price whichever is lowest, you need to pay 1 1/2 points, downside is a 25% downpayment requirement but if Chase will do it then there must be other trad banks that will compete, got to be worth asking the question.

7

There’s tons of traditional banks that will finance at 75%. Even a handul that will go up to 100%; but just like all programs there are income/asset requirements.

8

OK thanks to everyone who emailed me and i called me and helped me on this project… Thank you so much !!! I’ve decided to just whole sale this one out…Thanks Again Big Shem