Looking for a no appraisal fast hard money lender
As I said in the title I'm looking for something fast. I want to take out the cash in a duplex I own free and clear in Binghamton NY. It's worth 120-140k. I could get a DSCR loan but I've got a time crunch on the opportunity to the tune of a 10k discount if I can get it under a week. Looking to pull 80-100k out. All the people I've talked to require an appraisal, which is the main time eater on getting the loan. So do you know of anyone who would do a hard money, dscr, or bridge loan on this property and be able to close by Mar 15? I know some people will use a BPO or just run their own comps, but none of the 60+ people I've called so far will do that.
Hi Stewart,
Happy to take a look. Please DM me.
Thanks for sharing all of this. Have you thought of just using an unsecured loan?
We take 10-14 days to close
Ko, I called your company, they would take too long. Ammabelle, the unsecured loan wouldn't be high enough, they generally only go 2-3 months of income, I wish I made that much for that timeframe.
Quote from @Stewart VanValkenburg:
Ko, I called your company, they would take too long. Ammabelle, the unsecured loan wouldn't be high enough, they generally only go 2-3 months of income, I wish I made that much for that timeframe.
Hi Stewart,
What's the scenario here? I do know one that can close within 2-6 days with prelim/title commitment readily available.
Hey Stewart , If you still need a Hard money Loan , I can definitely,
Send a reply [email protected]
- Rates: 9% to 13% (Most Deals are 11-12%)
- Terms: up to 36 Months (Most Deals are 6-12 months)
- Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))
- Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)
- Max Loan: 65%-70% of After Repair Value(ARV)
- 100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)
- Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)
- NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.