Hard Money in Central FL

Looking for any HML's in Orlando FL. Owner has a unique property and plan. It's 7 single family homes under one parcel. Property is free and clear and currently in as-is condition worth $727,500. The ARV is $1.2million. His credit is poor(560 Across the board). Needs 400k-450k from the as is value for no more than 18 months. Would like to close asap. Can anyone help? There are a lot of people that talk the talk, but please be able to walk the walk in this scenario. [EMAIL REMOVED]

Edited: 06/26/2010 at 08:38AM by Moderator : email removed, use signature

Rich Weese

Real Estate Investor · sioux falls, South Dakota

4293 posts
43789 Influence
15 Awards

Icon_minipost Jun 18 '09, 04:05 AM

What is the security and what rate is he willing to pay. I may have a hypothetical lender or sugar daddy!! Rich.

Edited: 06/26/2010 at 08:38AM

Ron Latchman

2 posts
-6 Influence

Icon_minipost Jun 18 '09, 05:41 AM

Turning the property into an Assisted Living facility. Completion in 120 days. Netting 30k-39k monthly after completion. 11% interest only for 18 months.

Edited: 06/26/2010 at 08:38AM

Joel Soforenko

Real Estate Lender · Springfield, Massachusetts

166 posts
694 Influence
4 Awards

Icon_minipost Jun 26 '09, 08:53 AM

Ron, I am a hard money mortgage broker. You're talking a 61 - 63% refinance on the $727.5k FMV. The loans amount is no problem. However, there is a whole host of issues to overcome to use the money to change the property into an ALF: licensing, experience of owner, demographics, size of ALF (very small), feasibility of finding clientele in such a small faciltiy, etc. Seems the owner would be better served if he used the property for its intended purpose and rented out the houses or subdivided and sold them off. If the owner has a substantial game plan, please contact me.

Edited: 06/26/2010 at 08:45AM

Sam Mishra

Real Estate Investor · New York, New York

45 posts
78 Influence
1 Award

Icon_minipost Jun 26 '09, 11:06 PM

Ron-

Does your client have an experienced management team, or turn-around team that converts these SFRs into assisted livings facilities? If the answer is yes, there maybe room to make a deal here.

Our private investors look for isolated situations that may exist that require bridge financing to convert residential properties into commercial properties or commercial to residential, IE; office building to residential condominium complex- there is significant as-is value to acquire the property and conduct the conversion; our investors can financing a large portion of the acquisition and the conversion costs.

In addition to equity, we will look at location; in this case Orlando FL is not an issue. Personal financials would help if your client can "show" these docs, though it is not a recourse loan. As long as the appraisal comes in line, and there is a very strong management or "turn-around" team with experience, our investors maybe very interested.

Please let us know the details an specifics on this property. In addition please check out our site to find out more about the health care deals our investors are aggressively seeking.

Edited: 06/26/2010 at 08:45AM

Joshua Holiday

Banker · Westmont, New Jersey

69 posts
312 Influence
2 Awards

Icon_minipost Jun 29 '09, 12:41 AM

please contact me about this deal

[PHONE NUMBER REMOVED]

josh holiday

thanks

Edited: 06/26/2010 at 08:47AM by Moderator : phone number removed, use signature