Looking For A Hard Money Lender
The hard money lending page on BP kept giving me an error.
Im looking for financing on a package of 2 properties both from the same seller found off market.
The 1st is a single family house 2 bedroom 1 bath with a bonus room.
Verbally agreed on $62,000
Fix up $5,000 or less
ARV is $100,000-$110,000 for a 2 bedroom in that area with the 3rd room maybe closer to $115,000.
The house is 90% finished. The only thing it needs is inside and outside paint, some trim on the outside and yard work.
The plan is to flip this house
The 2nd property is
Originally 4 1-bedrooms 1-baths now converted into 2 3-bedrooms 2-baths.
Asking $74,500
Reno $30,000
ARV $150,000
Top unit gutted, bottom unit rented for $600/ month to longterm tenant. These units will rent for $900 per unit after renovating. The plan is to refinance this to a conventional loan once our LLC is more established.
Me and a partner are wanting to purchase these in an LLC just made and our plan was to buy a separate house from this seller with cash and use it as collateral for the properties above, however the seller wants to sell these as soon as possible and so we need sooner funding. I don't think we will be able to get bank funding easily for a couple reasons.
This is his first house he's renovated and Ive done 10-15 full renovations and currently have 2 rentals.
Anybody have a hard money lender they've used in the past that could help? Thank you!