So I have been an investor for years now, one thing I have very little experience in is financing. We have invested with mainly all cash whether doing flips or buying rentals. My problem is I have a 15 unit apartment deal I need to close on by the end of this month. We had a flip we had completed under contract but the buyer was unable to obtain financing. So we were looking to pull money out to use as a down payment on the apartments fast! Would a hard money lender give a loan at say 65% of ltv on a completed flip needed no work and simply being for sale? Thanks for any help, advice or references!
If it's free and clear and is worth a decent amount (let's say $75k+), that shouldn't be a problem. Good lenders will be able to close a bridge loan within two weeks.
It is worth about 170,000 and define good lenders lol! I have several existing long term bank relationships and none of them are willing to help at all. The reasons I keep hearing are we don't have a program for that, or we don't give loans on houses that are for sale etc. These are all lenders we have multiple business accounts with and give lots of business. Which is why I was considering the hard money route. I know I will end up paying more for the loan but perhaps I will be able to not work as hard getting it.