WANTED: Hard Money Lender for easy deal!

Financing, Hard Money Lenders, Private Money
1

I have an approved short sale ready to close and the property is listed at a very good price which is getting a lot of activity. It has only been on the MLS for 3 days and we have had at least 2 dozen viewings because of the great price.

Problem- I’m getting many offers from pre-approved FHA buyers however I have one that already has a loan commitment from their lender with a 5k deposit for escrow. Obviously the 90 day FHA seasoning requirment comes into play here.

Possible Solution- Why couldn’t I set them up with a hard money / Private lender with a lease option or something for 90 days when they can excercise their option and close using the lender they already have a loan commitment from?

Any suggestions???

2

Hi,

Hard money is definetly an option but you will probable have to put up $25k to $30k for every $60k you need to borrow or about 25 to 30% down and the hard money guys won't exceed 65% LTV or so.

Also points and set up fee’s could be involved adding to cost’s.

This could be a really large chunk of cash depending on the value.

You might find an investor to buy the whole thing for cash and hold it 90+ days to close an FHA, but I would guess the investor would want more than 50% of your deal.

Good luck,

             GR