Updated over 5 years ago on . Most recent reply
Need Bridge Loan for Quick Closing....
So for last week or so I have been talking with a homeowner who seems to have fallen on hard times due to COVID-19. He lost his job 2 months ago, and is moving out of state. He has a townhouse in Chantilly, VA. ARV of about $500,000 He is interested in quick sale and not trying to get top dollar for it. According to him it requires rehab of about $30,000. I know this gentleman through a common friend.
This would be a great project for someone looking to rehab a property, but I don't have that kind of time or even inclination anymore. I want to buy, and sell it to another investor for a quick profit. Assigning the contract is not a good option for me.. A double close would be ideal.
Trying to arrange financing for a double close, so need private funding for a few days at most.. If I can get someone lined up to buy the property not even that long. Not interested in paying the astronomical fees that HML charge, as I don't need a rehab loan..
I am not well versed with how this type of bridge loan market works, so making sure I am not being taken for a ride.