Seeking Private Lenders for portfolio of 2 family rehabs
I rehab 100 year old homes in Detroit, MI.
I am a licensed contractor and have bought renovated and rented 13 properties over the years. Track record at link below. (https://lnkd.in/gkwpjG67)
The project I am currently on is in a great neighborhood with properties appraising at $490,000. This project is a 3ksqft home that had fire damage. (see vids at link below) I acquired it for $40k and secured a construction loan for $180k to renovate it.
I have worked thru $47k of the construction funds in escrow ($134k remaining), demoing, framing and replacing the roof and now am ready to order windows.
I am seeking private lenders to front the window purchase which has a lead time of 6-8weeks after I install them I will order inspection and escrow funds will be released and I'll pay lender back with interest. Estimate 3 months total loan term. Seeking $35k negotiable on rate.
Property is insured for $250,000
https://lnkd.in/gurv2N4Y