Proposal for funding

:help I have 10 properties that I need to get funding on ASAP I desperatley need to find assistance on the proper way to put together a proposal that I can submit to HML’s and Private Investors to get these deals funded. One of my mentors has suggested that it should contain the following information; Property details, purchase price, pics, repair costs, ARV and the comps to support the ARV. Is there any item I am missing? Building templates to assemble this information in a professional looking manner is not something that I am good at, so if there is a template avaliable somewhere I would be very appreciative to have help to get it. :biggrin
Any assistance would be greatly appreciated, Thank you in advance for guidance and direction.

this may sound really dumb, but don’t think of it as 10, just put one together for one house, get it the way you want it, then the other 9 will be simple.

I do all my figuring in excel, use the list, plus closing cost, plus rehab budget, then figure percentage of ARV, (of course with the documents to back up everything.

I send my HML such a breakdown on each deal, and include a detailed rehab budget,they give that budget to the appraiser so that he can come up with an ARV based on exactly what I’m doing

Last week I had an appraisal on a property I’m closing on feb 1, its within about a mile of a property we are finishing, so I took him over to look at exactly what the finished product looks like, if you have pictures of properties you have rehabed you might want to include them if you are planning a similiar rehab on the 10 properties,

Are there any properties in New York? If yes, please pm me as I may know of some options for you.

modified due to Forum rules violations

How about your income tax returns for the past three years to prove how much you made in real estate? If you can find anyone not requiring income tax returns these days, let me know.

Exit strategy

I agree with you guys, as you have provided the every bit of information which would be related for the case and i hope you will be satisfied with answers.
But the main benefit is of course yours, but similarly many other people can find this information very useful and hence this increase their knowledge some way or the other.

typically hard money lenders and private hard money lenders are more concerned with the collateral on the property…HML are equity/collateral based lenders…If you decide to fuss about rates and terms etc thats when you will be scrutinized heavily as in typical bank financing…A hard money lender wants to see how much of your own money you are putting in the deal…No HML that I know of lends on ARV…If you dont have funds to put into the deal I suggest you dont waste your time going to HML’s…Also any HML isnt going to swallow repair costs that can be easily fudged…They are concerned with what you paid even if its at a deep discount you can expect that their loan proposal will reflect an LTV tied to what you paid…Like I said lending on ARV doesnt exist anymore…Infact Im unsure anyone in the lending industry lends on ARV,they may say they do in advertisements but they are baiting you…Its a recipe for disaster for the lender…Hard money is not a viable vehicle if you expect to cash out of your properties unless you are willing to settle for a real %50 LTV loan based on the HUD/recording docs etc when you closed and you are ready to pay mid teens % plus points for the money (plus closing costs)…Also be careful of loan to own lenders…There are many lenders disguising themselves as lenders when in reality they are only setting you up for a default…Some lenders want to lend to bad credit borrowers with good equity because this is as close to a guaranteed default as you can get…How do you know they are loan to own lenders?..You dont…Point being if you are going to deal with a HML be careful,this business has evolved into a loan to own for the desperate…I have seen people simply willingly walk away from homes that are full of equity rather than refi or payoff existing HML’s…Caveat Emptor

Wow Groveren! What an insightful post with very specific information. I can’t wait to read some of your other nuggets of wisdom…