Updated over 1 year ago on . Most recent reply
HELP!! 30 days to foreclosure. $350K needed only $80K cash on hand.
Hi All. A family home recently went into foreclosure after my aunt passed away with a reverse mortgage. Home will be sold in Jan 2024. Bank wants $350K. ARV is $500-580K. Home is in bad shape and will not pass inspection for traditional financing. Home needs about 75K in repairs. I only have $80K cash. I don't want to spend all my cash making repairs to the property unless I can get it back short term. Hard money usually caps around 65-75% LTV. Plus, it needs to be insured. Ideally, I would like to borrow the purchase price and renovation cost so I can refinance out asap into a long-term traditional product. Any ideas?? Anyone want to partner up for a nice return on your capital secured by real estate?
Most Popular Reply
@Donald A Brownlee Jr.
If it’s in bad shape $75k seems light for a renovation. There are some lenders that will lend 80% of acquisition and the construction but with it almost being January and the foreclosure date coming up I don’t think you will be able to close in that time frame.
- Chris Seveney
