Established Investor looking for 8-10 year Private Amortized Lender
One thing that I have struggled to find is long term, amortized funding. This is not something that I normally need, but I have two properties that broke the mold for lack of a better word. I'm happy to explain more in detail when we speak. Long story short, after discussing with my existing hard money lender why I could not proceed with the original plan for these homes, I found a buyer for each property who would purchase via land contract. The properties are not deeded to the buyer, there is only a contract in place. Both buyers have been faithful in their payments. My only issue is that I continue to make interest only payments on both, and my lender needs to be refinanced out.
Here is a brief synopsis on each home.
1040 Ellsworth Place
This is a single family that one of my contractors wanted to purchase. The home was tenant occupied when I purchased it. 56k owed. Looking for 10% for 8 years. I collect 950 a month on this one and will continue to do so through December 1, 2033. Taxes are 1095.04 annually and my insurance is 58 a month.
2269 W 23rd Ave
This home was converted into a duplex but is classified as single family. The home does have some exterior improvements, new roof and a new furnace.120,500 owed. Looking for 10% for 10 years. I collect 1462 a month on this one and will continue to do so through June 1, 2036. Taxes are 1599.94 annually and my insurance is 68.24 a month.
Happy to discuss further!