Investor · Tampa, FL · Member since 2015 · 63 posts · 59 votes
I have a property under contract to fix & flip. 2840 Ripley Ave, Jacksonville, FL ARV is about $150,000 rehab about $25,000, purchase price of $87,500. Seeking private or hard money for funding.
Lender · Atlanta, GA · Member since 2015 · 1k+ posts · 200 votes
7y
Lesley is correct:) As-is, you are at 75% of ARV, assuming the property will appraise at $150k. You really should be at 65% of ARV for the numbers to truly work and to make a decent profit.
Find a deal at 65% of ARV, and we'll do the project at 100% of purchase and rehab:)
Lender · St Louis, MO · Member since 2018 · 143 posts · 16 votes
7y
Hey Doug,
Yes you are a little tight on the numbers, but if you really wanna close this one, I can do 90%LTC not to exceed 70%LTV. You'll end up bringing whatever is over that to closing. We'll be doing a subject-to appraisal which can help, sometimes, in scenarios like yours, if the improvements are nice enough to max out the comps.