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Updated almost 7 years ago on . Most recent reply

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Menalik Archer
  • Rental Property Investor
  • Fort Lauderdale, FL
7
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Looking for a reputable rental hard money loan

Menalik Archer
  • Rental Property Investor
  • Fort Lauderdale, FL
Posted

I have my eyes on a triplex in Florida and looking to see if there are any reputable hard money companies willing to do around 10% down. Looking to close on our before 7/27/18.

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1,186
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Nghi Le
  • Investor / Lender
  • Seattle, WA
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1,186
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Nghi Le
  • Investor / Lender
  • Seattle, WA
Replied

Can you share some numbers on the deal? Purchase price, as-is value, rehab cost, ARV? What does your experience look like?

There are lenders out there who will finance 90% of the purchase price and 90-100% of the rehab.  Something to keep in mind is that they'll still want you to have 20% of the total cost as part of your liquidity to make sure you cover cash to close, interest reserves, and initial rehab cost.

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