Hello, I am looking for short term financing for a fix and flip. I need an additional $90k for closing costs.
For my area New York (lower Hudson Valley), can any one recommend a lender than can finance $90k for 9 months with no payments for 9 months using my investment property (STR) as collateral?
Investment Property:
Fixed Interest Rate 4.25%
Mortgage Balance $364,088.24 (Mkt value $625k)
Principle & Interest $1,827.56
Tax & Ins $1,189.78
Monthly payment $3,017.34
My Middle Credit Score: 720
My Debt to Income: Under 20%
Good reserves
Any feedback and recommendations are greatly appreciated!
Not sure if local Credit Union or Banks will provide a solution so a hard money lender is fine. Especially if they are a little kind on interest rate ;o)
Investor · Charleston, SC · Member since 2011 · 606 posts · 413 votes
3y
If this is a property you already own and looking to get some money to fix the property then the lender would be in second position. Most private lenders or hard money lenders lend in first position only. There are some people that will lend in second position but they're more difficult to find. You could refinance the property for around 70% LTV or $435k and take your money out and fix it up and then sell it and pay off your loan.