Real Estate Agent · Chicago, IL · Member since 2016 · 176 posts · 73 votes
We are closing on a property May 31. The way the Hard Money Lender works is we have to pay for the construction up front, then they reimburse us. While we have enough liquidity to receive the loan, we are interested in having more in case something comes up that we need the extra cash to pay upfront.
I would be willing to disclose information regarding the property, the architectural plans, the construction budget, etc.
We are looking for roughly $20,000 and would need it for probably 6 months max.
Lender · Chevy Chase, MD · Member since 2015 · 1k+ posts · 136 votes
9y
@Jaclyn McClellan What type of leverage is your current lender giving you on the purchase and rehab? What is the cost? We might be able to increase your leverage on your next deal so you have the rehab reserves to cover the initial work. Feel free to message me or email me directly at [email protected].
Investor · Lawrenceville, NJ · Member since 2016 · 64 posts · 6 votes
9y
I am working with an awesome crowdfunding platform that could most likely provide you with more than one option to achieve your investment goals. Connect with me and I can put you in touch with the right person to help you vet their capabilities.
Developer · Chicago, IL · Member since 2016 · 82 posts · 88 votes
9y
What collateral is there for this $20,000 loan? I would assume any HML doesn't want 2nd liens being put on the property. PM me if you want to chat about it.