Seeking Private money lender
Hi everyone,
I am looking for recommendations for private money lenders. I am looking for a Private Money Lender that I can build a mutually beneficial relationship with and continue to do business with. I'm short on funds on a only cash deal and aiming to raise the amount needed. Ideally someone that might be interested in foreign property. I'm seeking a short term loan of USD$5000 for a property in Saint Petersburg, Russia.
In regards to the apartment that I have under contract, it is located in the heart of the city centre, it is 50SQM and completely renovated. Basically I just need to do some minor changes, perhaps upgrade the kitchen and some deco. Ready to be rented out immediately on booking.com and other sites.
So the numbers are the following:
Loan amount: USD$5000-10,000 or 300,000 to 600.000 rubles.
Purchase price:USD$80,000 (including closing costs and fees) or 5 million rubles. Paying USD$70,000 cash.
Rehab estimate: USD$1600 (cosmetic,bathroom) or 100000 rubles.
ARV:USD$100,000 *Projection
Profit:USD$20,000
I will keep this property as a rental so it will give me a cash flow of at least 150,000 rubles during the high season.
I might get 50% though a credit card. So will be needing 300,000 rubles to complete the transaction. the main reason for not going to the bank is that it would be a personal loan which charges interest 20% a year. My thinking is that I would rather safe the bank funding if I needed for a bigger purchase later on. I don't want to be tight up if anything comes along.
If you or someone you know might be interest, I could offer:
-15% for USD$5000
-Short term loan of up to 6 months.
Open and flexible with terms, contract and background verification.
Thanks in advance,
Ekaterina