Looking for short term loan. Willing to pay 30% ROI

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Looking for short term loan. Willing to pay 30% ROI

Darren Natoli
Investor · Orlando, FL · Member since 2015 · 16 posts · 2 votes

Hi BP.

I have a great flip under contract and I am short on the financing. I have 3 other properties. 2 rentals and 1 flip in the Central Florida area. My flip that I just finished rehabbing will be going on the market this weekend. Most of my cash is tied up in these properties and a great deal was brought to me recently but I won't be able to cover all the financing until my property going up for sale is sold. The flip I have under contract is an off market pool home on a golf course which needs a cosmetic upgrade. I have it locked up at 128k and the ARV based on recent sales in neighborhood would be around 265-280k. I am looking to borrow 40k. It's going to need 30-40k rehab. I am willing to pay 25-30% ROI and will be able to pay it off in 3-4 months. Anyone interested let me know thanks

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    Is it first position IE you have your own cash in the deal or is this second position behind another lender ?

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  • Darren Natoli
    OP
    Investor · Orlando, FL · Member since 2015 · 16 posts · 2 votes
    10y

    Second position that's why I would be willing to pay such high interest. I have approval for 100k from my hard money lender but I am short the rest.  I have one hard money loan on my other properties I own now and the note total is $75k. All properties Combined would value $200k+ As is so I have plenty of equity and I personally have 70k cash of my own invested in these. The problem is the way the note is written up it shows 75k as first note on each property and I am not able to access any of the equity until the property I am putting up for sale this weekend is sold. It will pay off my note and allow me to access my cash from my rental properties as they will be free and clear.  This will allow me to that is needed for the new deal I have under contract. As soon as my property that is going up for sale is sold I can pay back the short term loan I am looking for. 

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  • Darren Natoli
    OP
    Investor · Orlando, FL · Member since 2015 · 16 posts · 2 votes
    10y

    I wasn't  planning on moving on to another flip until my property sold that is going to be listed  but this is a home run deal that was brought to me and I don't want to pass it up. 

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  • Jill DeWitPro Member
    Investor · Scottsdale AZ · Member since 2015 · 1k+ posts · 423 votes
    10y

    Welcome to BP, @Darren Natoli. Congratulations, you have found one of the most valuable free resources on the internet for real estate investors new and old. We are happy to help you in any way we can.You are not alone in your real estate ambition.

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  • Darren Natoli
    OP
    Investor · Orlando, FL · Member since 2015 · 16 posts · 2 votes
    10y

    Thank you

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