SFR in Minneapolis

[Dan K.]

I have a SFR under contract in Minneapolis, MN.

Purchase price of $38,000. Estimated repairs - $25,000. Estimated ARV - $92,500 (based on comps and similar properties that I own in the area). I'm going to purchase in cash but would like to move that to a hard money loan shortly after close (June 30th schedule close) so I can get cash out and use this on a future deal. Once rehabbed, the property will rent for $900-$950/month (based on estimates from my property management company and my current rentals in the area).

I hope to refinance and have the place rented in under 5 months.   I would want to have a renter in the property quickly after rehab so I would need to work with a lender/investor who allows occupied projects.

Working on this project with a partner who has solid reserves and credit and this will be the seventh time I've done the hard money/rehab/rent process.

I'd love to work with a hard money lender who can lend at 70% ARV, 3-4 points, and under 14% interest. Are any lenders out there? Please PM me if interested.