Updated over 8 years ago on . Most recent reply
Super short term loan needed
I have a client needing a short term loan to finish a rehab. By short I mean 60 to 90 days and about $30-50k. Credit cards are tapped out due to projects, score alright but affected by that (low 600's). Loan to value on one house is 47%, 68% on the other. Trying to avoid messing with the existing first mortgages as they are great rates and terms. Any suggestions on Hard 2nds or unsecured loans?
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Not sure how you get the LTV. But if you have more than 50% equity on the property, should not difficult to find private lenders who are willing to take 2nd position. Keep in mind many private lenders wouldn't take 2nd position no matter what.