I want to purchase a 6 family. Not livable.
Needs total rehab.
Cost 75,000
Rehab 125,000
ARV 375,000.
I am looking for private monies for this transaction, and others I come across.
I am not interested in hard $, and paying all the points.
I will pay up to 14% interest on the money, paid in a balloon payment in 6 months. Should the project go longer than 6 mos, I will pay 15%. Pay out in 1 year.
Looking for aquisition and construction monies.
macrei,
If you do not want hard money, then you will need to credit scores availabe to go with a conforming lender. Generally, above 620. With this score, you should be able to get 70-75% LTV based on the ARV. As long as you have everything, the process should move fairly quickly. I hope this helps.
If you’re willing to pay 14%, consider that hard money with some investors. I have a rehab program that would potentially lend you all of the money if your numbers are correct. 65% ARV ($375k x 65% = 243k) more than what you would need…rates are around 12% but there are points. Loans for those with credit scores of 580 or higher.
If your scores are better than that there are other options. Let me know if you’d like more info.