Hard Money for 2nd Mortgage in NW DC 20010, 2 pts & 10%?
Can anyone suggest any Hard Money Lenders who might be good to contact to find funds for a 2nd mortgage on an investment property in NW DC, 20010?
Finance Terms Sought: 2 points and 10% Interest
Term Length: 12 to 18 months
Purpose: Cash out Refinance of 2nd Mortgage
Total Owed: $570K ($310, 1st; $260K, 2nd)
Est. Value: $950K*
*Property next door, with the same footprint, same height, same lot size, same exterior style, and with which this property shares a party wall, sold 4 months ago for $1.2 million.
LTV Request: 70% or 75% LTV
New 2nd Loan Amount: $350K to $400K
1st position: Conventional fixed at 5.8% ($1850/mo)
Type: Legal 3-unit
Occupancy: 100%
Title: In personal name, preferable
Myfico middle Credit Score: 722
Credit Score Factors: No late payments and no derogatory events ever
Prepayment penalty: 3 months ok, 6 months max, ideally none
Close: 10 to 21 days
I have a solid Exit Strategy.
The lender would have nothing to lose. It's a win/win.
Can you please call me at 202-770-1791; email me at [email protected]; or provide me with their info here?