50% ARV SFR needs private lender Funding!!

I have a great deal in akron ohio. The deal purchase price is $45,000, it is worth $108,000 and need $15,000 in repair. The LTV is lower than 65% and my number are base on realtor comps and will be willing to back the deal up with apprasial if it would make the private lender comfortable.

The property sit in a good neighborhood and the rate is open for discussion because I am looking for a relationship and not a one time transaction. I have 7 more deals with this much equity if not more that are coming in the next month or so.

I am looking for a private lender or asset base lender.

So if anyone could help me or give me any direction to get the this deal done quickly I would really appreciate it.

Thanks

Maynard

Edited: 06/26/2010 at 12:02PM

Jeff Linder

Real Estate Investor · Fullerton, California

31 posts
1 award
50 influence

Mar 13 '10, 04:12 AM

Good luck, Maynard. I hope youfind someone to help you with this. Sounds like the deal is too good to let go, and with more coming - you can develop a great relationship with someone who's willing. I will be doing the same thing soon, looking for a private lender for some deals I plan on doing here in SoCal. Keep me posted if you find someone willing to help you...as well as look at my deals out here in sunny California! Make it happen, Maynard! Good job.

Edited: 06/26/2010 at 12:02PM

Maynard Bell

· Akron, Ohio

8 posts
50 influence

Mar 13 '10, 05:23 AM

okay and I will keep you posted!

Edited: 06/26/2010 at 12:02PM

David Schach

· Montara, California

18 posts
50 influence

Mar 15 '10, 06:16 AM

I am bit curious about your deal. can you email me more specifics?

Edited: 06/26/2010 at 12:04PM

Art Jackson

Real Estate Investor · Johnstown, Pennsylvania

33 posts
1 award
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Mar 15 '10, 07:11 AM

Maynard, What is your exist strategy? How much money can you bring to the table? Art

Edited: 06/26/2010 at 12:04PM

Maynard Bell

· Akron, Ohio

8 posts
50 influence

Mar 15 '10, 03:19 PM

Originally posted by Art Jackson

Maynard, What is your exist strategy? How much money can you bring to the table? Art

Well my exit strategy will be to sell it to one of the investor on my buyers list. If the property has not sold in three days I will list it with my realtor at a quick sale price that we have already determined. So as you see I want to do everything in my power not to have this property but a second. As for the money I can bring to the table at this point I can't bring any money to the table but with this deal well below 50% ARV and I feel every aspect of this deal is able to be documented, I am looking some to patner with me on this good deal or atleast put the money to get this done.

if you have anymore questions please feel free to contact me.

Thanks

Edited: 06/26/2010 at 12:04PM

Account Closed

77 posts
4 awards
50 influence

Mar 16 '10, 04:12 AM

Maynard:
I may have a viable solution for your capital request.

David H.

Edited: 06/26/2010 at 12:05PM by Administrator

Joshua Dorkin

BiggerPockets Founder · Denver, Colorado

Donor Pro

11,044 posts
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92 influence

Mar 18 '10, 03:40 AM

Originally posted by David H.

Maynard:
I may have a viable solution for your capital request.

David H.

What is your solution, David? I'm sure all who have similar deals might be interested in hearing.

Edited: 06/26/2010 at 12:07PM

Joshua Dorkin, BiggerPockets, Inc.
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James Ward

Real Estate Investor · Ocala, Florida

748 posts
18 awards
55 influence

Mar 18 '10, 03:53 AM

Maynard,

Do you have any Buyers lined up?
Are you waiting to buy before you get into contract to sell?

If I know the answers to these two(2) questions, I might be able to guide you better.

Edited: 06/26/2010 at 12:07PM

Account Closed

77 posts
4 awards
50 influence

Mar 19 '10, 02:00 AM

Here's the model to raise private capital:

Have you considered raising private capital by working with high credit investors who can take out no doc lines of credits and get approved within 2 weeks? My business partner got approved for $25k and the introductory rate is 1.99% for the first year. It was from a division of Bank of America. (A note of full disclosure my business partner used a broker to get approved for the line of credit.)

If you sign up 10 investors multiplied by $25k that's $250,000 of private capital.

As per how to structure the funds that will be lent to you that is covered on the BP Forum. (i.e. note, deed, disclosures)

(Note: All of this has to be in compliance with SEC guidelines.)

I'm in the process of using this strategy to raise private capital for my own firm.

I hope this helps.

David H.

Edited: 06/26/2010 at 12:07PM