R.E. Investor in San Diego

Member since 2024 · 11 posts · 1 vote

I just got a sfr property in San Diego under contract. I'm looking for a private lender who wants to partner on this deal.

I have 80% hard money, rehab money, & rehab crew. I need the 20% of the 925K purchase price. Terms negotiable for your investment, which will be secured with promissory note, trust deed, & recorded at San Digo County Recorders office.

I have to close by December 14th, so please reach out if interested. Patrick

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Erik EstradaBusiness Member
Lender · Member since 2022 · 6k+ posts · 1k+ votes
1y
Interesting,
Your current 1st position lender is okay with you having a 2nd lien at 100% CLTV?
[email protected]818-269-7983
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Patrick Cleary
OP
Member since 2024 · 11 posts · 1 vote
1y
2nd position loan is for 20% of the purchase price. This is a private lender with cash. Ist lender doesn't care as long as they are in 1st position & we close on time.
I do this all the time.
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Dan H.Pro Member
Investor · Poway, CA · Member since 2015 · 7k+ posts · 8k+ votes
1y
I am more surprised that you can find a 2nd that will finance to 100% LTV. But there are some people with zero financial sense. I would not fund at 100% LTV even at 30% rate.
Good luck

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Patrick Cleary
OP
Member since 2024 · 11 posts · 1 vote
1y
My earlier post wasn't complete. When I said I was looking for a private lender for 20% of the purchase price, I failed to add that this also involves a joint venture agreement, with the private lender receiving 50% of the profits. I run the rehab crew, finish the project, and then split profits with the 20% cash lender. That's who I'm looking for on this current deal.
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