Updated over 14 years ago on .
Hard Money Lender needed FL
Got a weird situation, not sure where to go with it. I would of thought a local bank can handle this, but they keep looking at me like i'm crazy.
I've got a client who has maybe 400k liquid cash and another 300k in property (all paid off) credit score is maybe in the mid to upper 700s. Has another business thats profitable, but I'm not sure what his taxes look like for the last 2 years.
He needs to fund about 30 houses at a time. Typical situation is a 100k appraised home at roughly 65k purchase price. Typical loan would be paid off in 120 days or less. We have done a few dozen of these deals already, so he is seasoned.
Hard money rates aren't a huge concern, but paying heavy closing costs or points would be hard to justify.
Help :)