Are there lenders willing to be second on rehab loans

[Kwamena Odum]

Hello All,

I am looking for financing on a deal,

Deal-Contracted at $350.000.00, rehab costs: $100-110.000.00, ARV: $550-575.000.00

Looking for 100% purchase and rehab lending.

This property is in the Petworth neighborhood of Washington DC. Needs total renovation.

Anyone know of any lenders that will lend a newbie? I figure I have to start somewhere and I am open to going on a split deal with anyone who has contacts that will get the loans. Please help, I ask humbly.

Kwame Odum

[Michael Noto]

@Kwamena Odum Do you have the option of partnering with someone experienced who has a relationship with a HML?

50% of a good deal is better than 100% of no deal.

I just know that around here it is hard for a new investor to get a rehab loan period.  Never mind getting a loan with no money in.

[Kwamena Odum]

Hello Michael,

I am interested and willing to re-write this into a partnership. I will be willing to do that and will consider what anyone has to offer to make this deal happen. You are absolutely right, 50% is always better than 100% of nothing.

Kwame Odum 

[Brian Gibbons]

I would look at JVing w a doctor - IRA Private Lender.

1. Loan $110K to an LLC Partnership

2. $550K sales price, $55K costs to sell

3. 550 - 110 - 55 = 385 before liens-mortgages

4. Split profits any way you want

@Rick H. 

@Ellis San Jose

[Kwamena Odum]

Hello Brian,

Can you explain the maths a little more? What is the $55k cost to sales? Can you kindly explain. Thank you.

Kwame.