Looking for rehab finance with less structure tenant structure stipulations
Just putting some feelers out to identify any private lenders that would fund a rehab loan cash out refinance for a long term rental 3 unit property in NY. Potential issue being brought to my attention is 2 of 3 units are being rented to half relatives. Last unit currently listed as we just completed it. Units have fully enforceable standard leases and are paying full market rents. Cash flow is significant as one rented unit just about covers the monthly payment. Tenants have no interest or involvement in the LLC and it operates as a true investment property business. We just put significant assets into the renovation and the appraisal came in at $80k over our investment. This is non owner occupied, no shared finances or bank accounts with the tenants. They follow same rules as any other tenants we have they have in time payment history (only in place for 3 months due to rehab completion). We have an extension on our current loan but only have 3 months. Title documents have already been pulled appraisal complete but most likely non transferable. Feel free to PM me if interested in funding a deal with these parameters. Looking to close as quickly as we can with the 3 month window looming.