Nov 03 '09, 04:55 AMHey All,
I just want to be ready. I need hard money for purchase, closing, holding, and repairs for properties in NY. I have offers out right now for short sales in Brooklyn, NY (previously mentioned on other forums). I am just playing the waiting game for the banks to accept (friend of mine said they should be called long sales). I am putting other offers for bank owned properties in Queens and Long Island, NY. I have details on every property if requested, but none of which are locked down in contract yet because once again waiting for the bank.
I'm looking for a lender who can lend for 3-6 months who will allow me to pay the points, interest, and fees when I refinance or resell. I pretty much need 100% and/or more financing on my first few deals until I can hold my own and start paying the up front charges and some of the cash myself.
Now here is some detail on my exit strategies. I of course do my due diligence on finding these properties. Do my research and check the comps to make sure its a good deal obviously. I have a buyers list for both serious cash buyers (feel free to contact me if you want me to be added to my list) and retail buyers.
The retail buyers half of which are eligible for conventional loans and the other half (my leaser list) are not. Those retail buyers provide me with my earnest money or down payment for the property I find them. That money down I take off from the purchase price when I resell to them or use that money to pay there closing costs when they purchase from me. I have a good amount of clients on that side. There initial investment locks them down as my end buyer for a quick flip. My leasers I just intend to refinance and lease it out. There initial payment locks them down making me able to fill the house. I ask 3-6 months for the loan do to conventional lending guidelines for seasoning.
The cash buyers are just waiting for me to send them some properties. I intend to double close with them or if closing dates are an issue, hold the property for less than a month and resell to them. Hence the hard money needed.
These will be my first few deals and I know these 100-110% financing might not even exist anymore but if there is a lender that can provide this please contact me. If you want more details on the properties I have offers on or details on my exit strategies feel free to contact me. I just want to be ready to have the financing needed if the offers are accepted.
Thanks and hope to do business with you.
