Updated over 9 years ago on . Most recent reply
Need Small mrtg in WV for great deal Private or Hard money
Hey guys thanks for reading. I have a great deal in the works that i am looking for a lender for. The seller is very motivated and the property is in WV. I will be all in with this deal and it will still be way below 50% LTV after my rehab. The loan amount is going to be in the high twenties with a conservative arv of 73. I have a comprehensive rehab budget that came up with a little less than $3500 to get it ready to rent.
I have funds in place for a 20% down payment and well over 6 months of holding funds as well as the rehab funds. These are all in my bank account and can be verified. I am just having trouble securing the mortgage since it will be around $25/29,000. This is a cant miss if i can get a lender to give me a mortgage.
Exit plan is to rent it and have it refid in a year to pull some equity out to do it again. Rents around the area will support 650/775 and if you go the section 8 route even more.
My question is does the collective knowledge of the biggerpockets community have any suggestions or recommendations of someone you have worked with that would be able to close a deal like this? Thanks again!