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Updated about 10 years ago on .

User Stats

144
Posts
28
Votes
Kevin Trumbull
  • System Administrator / Investor
  • Eugene, OR
28
Votes |
144
Posts

Looking to build relationship with private money lender

Kevin Trumbull
  • System Administrator / Investor
  • Eugene, OR
Posted

I'm looking to build a relationship with a private money lender to fund my next few deals in the Kansas City, MO (KCMO) area.  I am looking to acquire distressed properties, fix them up and hold them for the long haul.

I'm pretty new, I currently have my first investment property under contract, will close in a few weeks.  I'm using a FNMA rehab loan to fund the purchase + rehab.  For my next deal I'd like to use private money short-term to fund the purchase + rehab, then refinance out when complete.

Example deals I need financing for:

Purchase: $40K-$60K

Rehab: $20K-$30K

ARV: $100K+

Rents: $1000+

Cash Out Refi: 75% LTV when done

I'm looking for a lender who won't mind me using a HELOC to cover down payment + closing + holding. Basically I'm looking to leverage my equity spread on the back end to cover most/all of my down payment.

Looking for