I have been trying to find a Hard Money Lender or a Private Lender that will help my client.
She is in the middle of a remoldel ran out of money, owes 226,000 needs 65,000 to finish. As is value is 295,000, After Repair Value over 500,000, the appraiser went out up to five miles to find comps, because of square footage. She is turning her 3bed/1bath into a 6bed/4bath assited living facility. She has walls, inside studs, windows, electrical, plumbing and roofing. She needs the money for finish work. She is working with a contractor and she will be able to refinance the property when finished to pay off the loan. I am her mortgage broker but I need help placing this loan. Or if possible that you have access to private money that will take a third position on the property, earn some quick cash. Please no scam artist because I will be triple checking all responses.
I have been told many stories by AEs and have seen no results. She is occupying the property, which is in West Palm Beach, FL. I have everything ready to go. HELP HELP HELP
First American Real Estate and Finance Corp.
Is your client working on an investment or primary residence?
She should be ok for a hard money rehab loan that is 70% of the after repaired value. Loan would cover the costs, payments, fix up. and payoff of existing lien. HML will not take 2nd position, only 1st.
Is your client prepared to pay the higher terms associated with this type of loan?
One concern of HML is the exit strategy. You indicated that her's is to refi. What are the credit scores? How long on her job? How much in liquid assets?
We can catch up Thursday after 10am cst.