Buyer Or Lender Needed To Complete REO Bulk Package Deal.
There is a bulk sale of bank owned notes on REOs in which we are looking for another buyer or financing. Here is the info..
Property/notes are being sold for $.54 cents on the dollar. Properties are a mix of SFR(primarily) duplexes and some Condos in LA and Orange County.
TOTAL PACKAGE is approx. $9.4 million
Amount needed = $4.5 million dollars. (appraisals completed on properties) Proof of funds required.
The other $4.5 Million of the package is pre-sold.
$18 Million worth of real estate.
We need a buyer to pick up the other $4.5 million (approx.) for the rest of the package or we have a buyer who needs a loan 70% LTV on property and can pay 7.5% interest and will pay back in full in 120 days -- (terms negot.) .
Thanks.
Serious inquiries only.
Unless you can partner for the cash this is a tough one, as I have never seen a bulk sale that would allow financing.
The last REO deal I did was w/ a canadian company that was paying 60-65/$. I you can provide some more details I can see if the are still buying.
Is there enough markgin to use a hard money lender?