I need hard money lending for 1 year term
Hello Friends
I have multiple properties under my belt that i have self funded but would like to move forward with another property that I am about to acquire a property in Montclair NJ that requires rehab.
List price 199,000 - Offer in negotiation but probably will be at market due to high demand in this space.
Rehab costs 65K
ARV ranges from 300,000 - 350,000
Rental CAP is 9% based on the two family generating a low end 3600 per month
I am putting 10% my own money so looking for 90% funding and I am looking for hard money lenders who can cover the other amount.
This is my first time around looking for this creative funding opportunity - can anyone help advise what my expectations should be and where I can find helpful resources?
Thanks!