I am looking for someone in Maryland that will lend 10 - 12% of a residential property that is not based on equity in the property because there is none. Willing to pay 5-6 points on the loan and pay interest only of 15 - 18% for 6 - 12 months. Please help we are looking for a quick close.
Are you seeking a unsecured loan or do you have other collateral you can pledge/leverage?
Dumb question---why would you want to use hard/private money with no equity in the asset?
Property Value: 325k
Current Liens: 325k
New 1st Mtg: 308,750 (SISA 95%ltv)
The need is for the other 5% and settlement cost to complete the R/T transaction. This makes the CLTV over 100% that is why it can't be equity based. The transaction will drastically reduce monthly expenses and increase cash flow on the property. Looking for a minimum of 10% loan. Will be recorded against the property as a 2nd trust.
Do you know anyone that can help?
Thanks for the clarification---You might want to check with someone that offers unsecured LOCs...
Well, I know a couple lenders that will go 103% over appraisal on an HLOC. Don't know if that will cover it but get in contact with me if need be.
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