Looking for $60K loan on 11 rentals with 2nd position lean
Hi BP
Updating from my previous post. I am looking for a $60K private money loan to purchase a portfolio of rentals in Memphis TN. You would be protected by a 2nd position lien. Upon purchase the deal will have approximately $100K in equity. All but one of the properties are already rented out and the deal is projected to ROI of approximately 20-23% after all expenses (including a very conservative 20% of gross rents for vacancy and repair). There is room for rent increases over time as they are all a bit below market. I already have a track record of purchasing solid properties and have a portfolio of properties currently at 21 ROI%. The properties will be under professional property management. I am looking for a 3-5 year loan of $60K. I anticipate being able to pay back $40K within the first six months and the remainder over 18 months, but I would like the cushion of a 3 year term to ensure that I meet my responsibilities with the payback. Please contact me on BP or directly at 512-632-8409. Thank you for your consideration.