NY Rehab that needs Short term funding.... Low LTV
I'm a Banker in Northern NJ and I have a borrower who needs some short term funding... He is building an investment house and it's 70% completed... Loan Amount needed = $370k , The ARV value is $680k. Looking for 55% LTV... Borrower has good income (verifiable at $100k).. He is a builder and ran into a snag... Property is in a pending foreclosure status because lender called the note becasuse a mechanics liens was put on title.... The judge removed the lien but the lender still refused to issue future drawers...
Exit Strategy: 65% LTV, Full Doc, 550 Fico,
This loan can be structred as a Hard Money Refi
Or
Modified Lease and Buyback