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Forums » Seeking Financing, Money, or Loans » GA Hard money needed

GA Hard money needed Subscribe to GA Hard money needed

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Ty Kirkpatrick

Real Estate Investor · Cicero, Indiana


Forum_avatar_avatar-withgodshelp

Apr 27 '11, 05:19 PM

We have a client who is seeking $2,450,000 against a single family home in GA. The property was last appraised at $3,950,000.00.

Any ideas?


Joel Owens

Commercial Real Estate Broker · Canton, Georgia


Forum_avatar_avatar-blackbelt

Pro Basic

Apr 28 '11, 12:27 AM

What date was the last appraisal??

2,450,000 will be tough to get.

A single family really doesn't have any income like a cash flowing property or value add deal.

Most HML's won't touch owner occupied stuff especially that large.

What is owed on the property currently??

Private lenders will want a high interest rate plus want a big enough equity position to foreclose and get the money back quick in a declining market.

Unless the property was appraised in the last 30 to 60 days that appraisal doesn't mean anything.High end homes like that have dropped significantly in value as move up buyers can't sell their homes.


Jon Holdman

Real Estate Investor · Wheat Ridge, Colorado


Forum_avatar_avatar-wheatie

Moderator Pro

Apr 28 '11, 12:31 AM

HML's will also want to see a plan to pay back the loan quickly. With a fix and flip that's a sale, with a rental its a refinance. What's this borrower's plan? Why not just go to a bank, if they're creditworthy enough to go the refi route?

Small_flying-phoenixJon Holdman, Flying Phoenix LLC


CHAMPAK SHAH

· Stone Mountain, Georgia


Forum_avatar_avatar-champak10

May 03 '11, 04:34 PM

Are you a RE Broker ?
Is the house Owner Occupied
or vacant ?
What is the date of Appraisal ?
Is that in Metro area or rural - small town ?
What is the purpose of refinancing ?


Ty Kirkpatrick

Real Estate Investor · Cicero, Indiana


Forum_avatar_avatar-withgodshelp

Jul 20 '11, 08:20 PM

We had the property appraised and the value dropped $600,000.00 from the last appraisal (8 months old). However, it still came in at $3,250,000.00.

The property is in a small town in Georgia
Non-owner occupied (currently vacant)

I apologize for my slow reply. I did not receive alerts that there were responses.




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