Looking for Hard Money lenders, rental property, 100k max

[Greg Georges]

Hello all,

Well, I have a special story to tell you why I am currently looking for a hard money lender (bridge loan) for a condo I am closing on in about 2 weeks. I have previously financed my 3 investment properties with traditional loans, and thought might as well with this latest one before going other routes.

I live in Florida, and I specialise in mid-term vacation condos tailored towards the snowbird crowd. The rents in Sarasota have exploded, so much so that an asset class that I never looked at before all of a sudden is very interesting. I am talking about small condo studios of about 350-400 sqft. I found a deal in a complex where I already own, offered 70k for it and finalised at 88k. Should be able to rent it out between 1500-1700$/month after a full rehab (estimate around 20k total).

Here is the weird part of the story. The final document the bank needs with all condo loans id what's called a condo form to be filled out, which is then used in Fannie-Mae underwriting. Well 1 month ago before any current owners knew about it, the association decided to no longer fill out these forms based on wacky legal advice, without knowing it pretty much shutting down any conventional financing and pissing off pretty much all of the owners in the process.... There is no real reason for it, the reserves are great, no assessments in view since the plumbing and roof are all brand new). I am working with the board now to revert this, but unfortunately will not get that condo form filled out on time, current board members do not want to fill it out themselves.

So, I have reached out to the agent to talk about seller financing (might be good for me), but thought I might as well learn about bridge loans on this very small project which at the end of the bridge term I can pay cash. Honestly, just don't want to lose any leverage on the deal.

I am looking for hard money lenders who would finance a project of around 80-100k total after renovations. My goal is to begin a relationship and see how this works more, to then use it to grow my portfolio over time. 

Let me know if anyone out there would like to get more info, and looking forward to getting this done

Have a great day!

Greg Georges