Can anyone do a 100% purchase price plus repairs in MD?

[Greg M.]

Hi all!

So I am looking for recommendations on a HML/Private lender who can do a 100% purchase price plus repairs up to around 75% ARV total. I haven't been able to find anyone on the marketplace with those terms, so maybe its just not possible? Any recommendations?

The deal:

List price: $225,000

Repairs (estimate) $40,000 - $50,000 - entirely cosmetic, new floors, landscaping, bathrooms, and kitchen etc.  Nothing serious structural or gut job needed.

ARV - $350,000 - based on a half dozen comps in the neighborhood from the last 12 months, all about the same sq. ft, age, and bed/baths.

I currently have 3 multifamily properties that cash flow well but I am using all that cash to conduct repairs/upgrades upgrades on them, so I have pretty limited cash at hand and don't want to attempt a LOC on them until they are complete in the next 3-4 months so I have no cash to put towards down payment. 

This would be my first flip, but I think I have found a good deal, and hopefully the money follows.  Any suggestions on a HML would be wonderful! Thank you. 

[Russell Brazil]

$225k plus closing costs pits you somewhere around $236k acquisition. Rehab $50k. Hard money costs of 3 to 5 pts plus 12%-15% over a 90 to 120 day period (will likely be on the top of the scale at 100% of possible) so $28k in hard money costs. That brings you to $314k project costs. 8% cost of sale brings your $350k down to $322k, minus $314k project cost for an $8k profit. When I came up with $10k I was using a lower hard money cost.