Smith Rothchild Finanical
I am here in the Chicagoland area and I would like to know if anyone out there has heard of these guys and of their reputation. Basically, they will give you 75% of the future value of the property. So if the Subject property after repair value is $150k they will loan you $112.5k. That means if the current Mkt value is $50k you can use $50k to rehab in a 4 phase disbursement.
Lien Position : 1st mortgage
terms - 6-12 Ballon 30 amort
points 5-10% rolled into loan balance at closing
10% down
They will refi you at the end of the loan term for the current market price.
Any Thoughts
Sounds like a good deal to me!
The Hard MOney lender I work with will only give 65% of the ARV...
75% - much better!
Good Luck
[addsig]
I have worked with Tony Disano and met him personally from Smith Rothchild. Seems to be a good outfit. They will look for documentation along the way to make sure your project is moving along.
Good Luck,
Don