Temperance, MI · Member since 2016 · 9 posts · 1 vote
I have purchased a foreclosure in Michigan for $28K cash. I need around $75K for the rehab budget. The ARV comps out at $160k. Can anyone recommend a hard money lender that will work with a new investor? Thanks in advance.
Also, do all hard money lenders require you to be a LLC?
Not an expert on hard money lenders, but they are basically same as mortgage bankers. With the exception of provide quick purchasing power with high interest rates. So logic tells me they want direct access to you, as in they will come after you, if need be. If they allowed an LLC, that makes that process difficult.
Temperance, MI · Member since 2016 · 9 posts · 1 vote
6y
@Paul NA It seems as though most will only lend to you if you're a business/LLC. I was wondering if I need to form a LLC and have the property moved into said LLC before I could get a loan for the rehab.
Congratulations on your property purchase with cash. There are few private and hard money lenders like us; who can look into the deal for funding. You can ask around to get details to see who fits your needs well.
Loan Costs including inspections and appraisals?
Interest paid monthly or pre-paid or paid at the re-sale?