Looking for a back-up option
Hi everyone!
I'm looking for suggestions on a back-up option in regards to financing on a property I already have under contract in IL. I'm currently working with a hard money lender who initially had some great terms for my business partner and I, however, we ran into a little bit of a problem due to some tax issues with my business partner. So now our lender is trying to get creative and switch things up a little bit to where we can still move forward. But in the meantime, I'd like to hear some thoughts and or ideas on other financing options, JV's, etc. I'm open to whatever is going to make the most sense.
Here are the numbers - Purchase price $144,900, rehab $45-50k, ARV = $250k, rehab time approx. 7-8 weeks. Our lender is currently trying to get this funded for us at 88% LTV and 100% rehab, with 3 points and 12 months with no pre-pay.
So please feel free to reach out with any ideas or options you think may be just as good if not better than what we have lined up with our current lender. I look forward to hearing from you guys and wish everyone the best!