Private Money Partner for a flip in West Seattle: $365k purchase, $105k rehab, $670k ARV
We just closed on a property in the hottest neighborhood in Seattle: West Seattle. We had a private lender lined up to fund our rehab and holding costs, and he assured us that he would have the money... but then he didn't.
We are experienced borrowers and have other private lenders in our pipeline, but most have been allocated to our other projects, and the next one up won't have money available until at least a month out. We'd like to have some funding within a week, so I'm reaching out to BP to offer an opportunity.
Here are the numbers:
Acquisition Price: $365,000
Rehab Cost: $105,000 max (scope of work and hard bid available)
ARV: $670,000+
Expected project timeline: 3-4 months
We're looking for a loan of $120,000 (to fund rehab and holding costs). There is a hard money lender as the 1st lien holder, so you would come in as a 2nd. The cumulative loan-to-value would be no more than 67%. You will get a 6-month promissory note and a deed of trust.
We can work this as an interest rate return, a fixed return, or profit sharing. Please send me a message if you're interested and we can go over the details.
