Updated almost 10 years ago on . Most recent reply
- self employed and currently employed at RGH Hospital
- New York
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- 11
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Looking for 45,000.00 loan on residential property 10 % interest
New here but just getting started, I had a project all lined up single family unit. Located upstate Ny minimum rehab work comps for recent sales run 67,000 to 75,00 need 45,000 bridge loan at 10 % for 12 months no points all paper work done abstract/title/survey/ inspection, other lender ( dubiuo\s at best ) Jon Cruz Realestate Investments CO pulls out 2 days before closing keeping my 2 months pre paid interest and also 750 fee for abstract that he never did. My attorney did do the abstract and survey at her own expense. I am covering all closing costs. If you know any one that would take on a smaller loan I would appreciate it. I am also offering to deposit into an escrow acct chosen by my attorney the amount of $800.00 per month. taxes run taxes run $ 300.00 month which would come out of the escrow account, balance of 500.00 month would stay in escrow leaving 6000.00 at the end of 12 period this is in addition to the monthly payment of 12 % interest on the 45, 000 loan. 5 ,000 rehab budget amount included in loan amount. Currently appraisded at 59,000.00 in as is condition. Comprable homes with rrecent sales run 64,000 to 75,000 selling price If i am unable to secure other financing at the end of the 12 month period the 6000.00 in escrow would revert to the lender, If i am able to secure other financing the 6000.00 reverts to me. I know this is a small loan, but because of messy divorce it's the only way I can swing it. If interested please e-mail me. I cannot delay the closing too much longer and every thing is in place you can e-mail at [email protected]. All papers for closing can be forwarded by my attorney
Sincerely
Vicki Trojnor
315 283 00309
Upstate NY