Private Money Lender

[Gerald Miller]

Hey guys,

If your taking the time to read this short post I appreciate your time, Thank you.

I recently Finished a rehab on my first rental property in Panama City Florida. I paid 44k cash for the rental with a light 8k rehab rehab (We did the rehab work ourselves) and an ARV of 92k. I am in the process of getting it rented now using a local property management. My CoC is 15.85% all in before refinancing and 59.15% CoC once I have refinanced my investment out. I have only owned this property for for just under 2 months and I am unable to refinance it due to time restrictions. My issue is that I need a Private money lender to move forward with my next property. I have found a 4 unit property with an estimated 23.86% CoC as it sits. The current Rents are $2,600 / Month combined but the median rental prices for these units in this area are $3200 / Month combined and could potentially be much higher then that. It also has great potential to force some appreciation through remodeling. I am just not sure where to start with finding a private money lender. Any Suggestions?

[Christopher B.]

If you can't locate a private lender for the new purchase, you could consider a Delayed Financing Exception, where you usually can do a cash out refinance for at least the purchase price.  The rest of the equity would be tied up though, until you could perform a normal cash-out refinance.  Or, check with lenders on Bridge loan option.  A mortgage broker who has access to multiple lenders might be able to assist.