Need private lender

6 Replies

Hi

I need a private lender for a a house that I am buying to hold as rental. Details below

Purchase price. 47k
Rehab 38k
ARV 125k

I would need funding for 47+38= 85k. That is 68% of ARV . The 38k rehab can be release in stages as rehab progresses,

I would refi to conventional loan in 3-8 months . We can talk if the funding can be done for longer term.

I have the house under contract now.

Location : San Antonio, TX

Let me know if anybody need more details.

James

@J Scott Thanks Scott for replying. 

 I can always bring money to the table but would like it to be minimal . I usually do double close with this kind of deal. First I would close it with Hard Money Lender with 70% (including rehab and closing cost). Then the 2nd closing with 75% refi where the 5% difference would absorb the refi closing cost. If I do it this way, it would be almost zero Cash out of pocket.

However if a private lender requires me to bring money to the table to ensure there is skin in the game, i would consider it.. 

James

Originally posted by @James Kandasamy:

Then the 2nd closing with 75% refi where the 5% difference would absorb the refi closing cost. If I do it this way, it would be almost zero Cash out of pocket.

 You mentioned a conventional refi.  I'm under the impression that a conventional refi won't let you get away with a new appraisal and nothing out of pocket in less than 6 or 12 months.  Have you actually done this before in less than 6 months?

That is great @James K. . I was under the same understanding as J Scott . Would you be willing to share the name of your lender for the conventional financing? I am in San Antonio also.

Thank you in advance,
Will

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