Seeking 90-day $350k loan for 40% of purchase on 4-plex
I am under contract to make a cash purchase on a 4-plex in the Portland, Oregon market for $800k.
I can fund the project myself, but would prefer to get a short-term hard-money loan for approximately $350k for 90 days or less, since I plan to immediately finance the property at the purchase price upon taking possession. I have a relationship with four conventional mortgage lenders that have assured me that they can close on this deal.
I would ideally like a LOC backed my existing rental property(ies), some of which have substantial equity, but that seems to be impossible in today's credit market.
Some basics on this deal:
contract purchase price: $808k. Due diligence will be completed by the end of this week (Friday, July 7).
value-add short-term improvements: ~$80k
long-term capex improvements (non urgent): ~$90k
post-rehab value: $1.1M at 14GRM
Please message me if you are interested. Thanks!