Hard Money
Very new here and still learning how the site works so please bare with me if I am posying this in the wrong area.
I have a purchase aggreement on a property that needs extensive repairs. I am unable to get conventional financing. The purchase price is $45k and expecting to put about $20 - $25k into it. Should appraise out between $105 - $110K. Has anyone used any hard money lenders that they can suggest. Credit scores are good and looking to do as much LTV as I Can.
Thank you in advance for ANY help on this.
Ron
Hard money being what it is is hard to pin down without a lot of your deal details.
If your new at rehabing expect to be capped at 65%.
Your location is a big factor some areas Hard Money guys lend on higher LTV's.
Some private investors will do seconds even up to 100% if it is a hot deal.
Post an ad.
As you are more or less pushing the LTV limits of most HML can you put in cash for some of the work or purchase? Does the estimate for the repairs contain any real contingency? If you find that more money is required what will you do as the lender will cut you off based on the LTV.
No idea as to the seller's interest in getting the deal done. You might be able to get them to carry a note for part of the purchase price and agree to subordinate. This way you shift some risk to the seller until the deal is done.
John
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