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James Roberts
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  • Sacramento, CA
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Contract needed for private investor TODAY:)

James Roberts
Pro Member
  • Sacramento, CA
Posted Dec 22 2022, 09:16

I have a small deal of lifetime opportunity to cash-purchase an off-market SFR in Florida with private money (close friend). I am currently in contract with the home owner and we want to cash close by 30DEC. Escrow and title are set. I just need a standardized contract for my friend and I to complete the private/cash loan.

I need a standard agreement to complete the transaction for the private loan; the docs to purchase the house are in place.  The private lender is a close friend and we have done other financials deals together, but this is our first real estate deal.  FYI, I am a career designer/engineer/builder and he knows I have the knowledge and capabilities to rehab the house (definitely not my first rodeo).  

If anyone could direct me to the correct pdf/contract would be extremely appreciated.

Stats
Appraisal $179,000
Purchase $80,000 
*yes, $99,000 in immediate equity, as-is*

Loan #1  30Dec2022 close date
Purchase $80,000 
Closing $5,000
Misc $5,000
Total loan amount $90,000
Term 11.5% over 12mos
Payment is full at agreement payoff.  No prepayment penalty. 


Loan #2  Jan2023
Rehab $92,500
Term 12mos at 11.5%
Term 11.5% over 12mos
Payment is full at agreement payoff. No prepayment penalty.


Time is sensitive.  Please feel free to call me directly?
Thanks a lot!!
James 
(916) 524-4997

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