Private Money - Michigan
I’m working with a fellow real estate investor. He has done well over the years. Looking to connect him with a private money lender.
Overview
I have a fellow investor that owns 16 rental properties free and clear in MI (low property values $40K - $60K). The owner’s primary income is his construction business holding government contracts. This investor is the sole owner of the construction business and the properties.
Profile
Has $100,000 liquid cash and access to $200,000 in unsecured credit from a variety of sources. 800+ credit score Low adjusted gross income on tax returns ($13,000 AGI) Monthly gross rental Revenue of $13535 with Tax/Insurance/Mortgage expense of $3191. Unknown Maintenance expense Primary Revenue from Construction Business
Goals and concerns
1. Wants to shift his contract resources toward flipping residential single family homes.
2. Wants to keep most of his liquid cash in reserve and does not want to max out credit lines
3. Wants to leverage free and clear real estate rentals for short term debt with reasonable interest rate
4. Does not have time for extensive underwriting – Willing to provide any documentation needed but has given up on other lenders – local credit unions due to extensive and lengthy process of getting initial financing.
This fellow investor is a solid investment. I believe if we can get an initial set of documents that would satisfy your investors and allow him to draw funds quickly he would be willing to pay a reasonable price for access to funds.
If you’re a Private Lender with a proven track record I’m all ears. Your advise is welcomed!