Looking for a quick private loan or a buyer for my deal. great house with great tenant in place, additional unit being built, covered off street parking and fenced yard in heart of Hampden. walkable to night life parks and coffee shops.
I’d like to get a 2nd position loan to complete construction so I can sell and move on. Looking for 100k and willing to give up to 20% annual return for up to 1 year, plan of paying back in 6-12 months. Owe $225k on 1200 sf house 2/1 with fenced yard and off street parking. construction foundation work completed, addition will add 400 sf master bed, bath, 1/2 bath, entry/mud room, walk in closet, deck and carport not included in additional sf. will be 3 car parking, 3 bed 2.5 bath 1600 sf.
I need the money to complete construction of addition so I can sell for best value. My projection is it will be worth $425-450k after completed addition. My mortgage is $225k or a little less than that.
private loan not based on value of house.. it is for construction. I own 4 properties in 3 different states and want to offload this one, but not until construction can be completed. Otherwise I will keep renting the existing 2/1 home for $1800/month.
No, the new first position loan would be based on the value of the house currently at $275k at best.. which would not give me the money needed to pay off the existing loan, keep 20% equity in the home and have money leftover to finish the construction. That doesn’t make sense. I’ve got about $35k already paid towards completed plans, foundation work, site work. Just needing that final boost of $100k thereabouts to complete the build-out. Then it’ll be worth $400+ all day ($425k my estimate). I had planned on creating a 2nd unit in the addition to utilize for mid term rentals for nurses at Johns Hopkins, where I used to work, but I’m in Colorado now and the bank that was supposed to finance the project pulled out. Decent deal for someone if they’d like to purchase it as is with Tenants in place and building plans approved and 2/5 of the building project completed.