Looking for Private Money Lenders
I am looking to build a relationship hopefully with a private money lender .
I am in the middle of getting my llc and just starting my own business , but the rehab money I need is for 2 homes I already own . With the plan for next year to purchase another rental and a fix and flip .
one home I own free and clear and am looking for 30 k for rehabbing with the intent to rent . arv is 120k .
the second home is going to be a remodel and sell I currently owe 35k on the home arv is $130k project will cost between 30-40k
looking for a total of 60-70k. I do not live in either home
I am seeking working capital basically to get me started . I am looking for a 12 month loan preferably interest only payments or line of credit .
Great credit score (800+) , very good assets , no w2(which is why I am here).
Please let me know if their is anyone who could help me with these 2 projects .
Most Popular Reply
Hi Sam
I'm a private lender working in 40 States. Most of us have minimum loan amounts because of the cost to put a loan on our books. We look for loans in excess of $75,000 but will go lower for repeat clients. An alternative you may want to consider is to finance 65% of the projected ARV of the 2nd property. This will create a loan amount of $84,500. Paying off of the existing financing will leave you $49,500 to rehab the the place and leave some reserves for unexpected bumps in the road. This will leave property #1 free and clear and available for lending purposes later.
Our loans are for 1 year and are repaid on an interest only basis. Feel free to private message me for details.