Updated over 2 years ago on . Most recent reply
Searching for Lender
A few questions below:
Does anyone have recommendations on short term lenders that I could tap for acquisition capital (likely between 60-80% LTV)? The property would be a condo in Florida that I would expect to flip in a few months. If I can win the deal at an attractive price I would expect my hold period to be 2-3 months (minimal rehab needed based on preliminary pictures).
Seems like the seller (gov't) won't be paying any buyers agent or closing costs other than providing a clear title. I'd like to negotiate with my realtor a lower fee on the buyside if I guarantee them a 3% fee on the sell side - is this off market for any reason?
Does anyone know what market rates are for short term (less than 1 year) loans around $300-400k today?
Lastly, if anyone here has experience with purchasing residential real estate via auction processes - please let me know of your experiences. I'm planning to walk the property with an agent, appraiser and general contractor ahead of participating in the auction.
Thanks all.
Most Popular Reply
Check the condo occupancy rate (51% owners?) condo lawsuits? HOA has reserve funds and master policy covers? Your possible resale depends on the financial condition of the HOA.
Rate range for the hard money loan you seek depends on your FICO, the property desirability to lender, and your experience. 10 -13 range.
Some auctions are cash only.