Seeking private money, closing on dec 1st.
I am looking for a Private money lender to work with. I have a turnkey duplex property under contract with a close date of dec 1st.
Purchase price, 90k
Market rent, 2000
Pleaser send me some good leads and connections. Thank you
Most Popular Reply
Gonna be pretty hard with that price. 90k with $2,000 in rent sounds nice though! Why are you two weeks out looking for a lender though? And why does it need to be private money?
Not many private money lenders working under 100k. We see minimums of 200k, 300k, even 500k sometimes. You might be better off searching for another investor with cash. Hard to source that kind of cash flow; if I knew you and you were in my town I might thrown down on those kind of numbers. On a 90k purchase there's just not much in it for us as a lender because we do expensive professional work and that impacts smaller loan amounts significantly. We'd have to charge you around 6 points up front to break even on the the transaction, and if you know lenders they don't take all that risk just to break even. Below 100k for lenders has always been an underserved market, even more so when the occupancy is investment.
If you've got other leverage there might be a better way than to look for a 70,000 or so mortgage.