Raising Capital
Hello, I am doing a rehab very soon in Fords NJ. My partners and I have the property under contract now for $175,000. The estimated renovation budget is $60,000. My partner is obtaining a mortgage for the property, as well as a renovation/construction loan. We Just needs funds to fund the first 1/3 of the renovation costs because the bank will release the first installment only after the first 1/3 is finished. I am looking to raise $25,000 with an open 12 month term. I am willing to pay 12% rate of return. So this is what I have been offering to potential lenders, and I've been finding it rather difficult to raise these funds. I was hoping someone could give me some advice as to raising capital Successfully. Any and all tips from other investors/lenders is much appreciated. Thanks.