Hard Money Loan Wanted for Cape Coral Florida Fix/Flip

[Carl B.]

I am looking for a hard money loan that is based upon an ARV of 100%. I also will need an upfront draw to start any rehab required. The purchase price is $120,000 and the ARV is $217,000. The rehab is $40,000 or less. The loan would be for twelve months with no prepayment penalties.

Hope to hear from you soon.

- Carl 

[Perry Farella]

Im not involved with hard money but an alternative at half the cost is called HomeStyle. You need a 15% down payment based on purchase price plus rehab dollars needed. 30 year term, rates around 5% to 6% for Investors, no pre payment penalty. Your Example: buy at 120,000 + 40,000 for rehab means a down payment of 15% or 24,000. Then fix and flip with no pre payment penalty. Happy to answer questions any time.

[Alex Hamilton]

We have another alternative to hard money if you operate your business as a LLC, Corporation or any business entity. Use our business lines of credit.

https://nationalcc.wufoo.com/forms/hamilton-investment-properties/

Please click the Link above to start your business lines of credit, see how it works and apply on-line now. Remember we will help Tote the Note on investments in "special Need" housing we manage. Also, we welcome Co-Singers and Business Start-Ups nationally.

[Stephanie P.]

Originally posted by @Carl B.:

I am looking for a hard money loan that is based upon an ARV of 100%. I also will need an upfront draw to start any rehab required. The purchase price is $120,000 and the ARV is $217,000. The rehab is $40,000 or less. The loan would be for twelve months with no prepayment penalties.

Hope to hear from you soon.

- Carl 

 Carl

Please forgive me, but I don't understand your post. You wrote that you need "a hard money loan that is based upon an ARV of 100%". 100% of the after repair value (ARV) is $217,000, but your acquisition and rehab only adds up to $160,000.

Do you have any experience in rehabbing?  I ask because your loan would be based on your credit and experience for many lenders.  The 12 month's with no prepayment penalties should be doable, but such a minimal rehab should not take that long.

Lots of questions

Thanks

Stephanie

[Carl B.]

Hi Stephanie,

My mistake. The ARV should be at 80%. I have years of experience fixing/flipping homes. Also buying/fixing/holding.

Thanks.

- Carl 

[Carl B.]

Hi Perry,

Thank you for the information.  I may need to use home style for other investments in the future.

- Carl 

[Carl B.]

Hi Alex,

Thank you for responding.  I do have an L.L.C set up.  However I am currently working with someone at this point on this particular investment.  It probable wouldn't hurt to set up a business credit after this.  

Thanks.

- Carl 

[Wayne Brooks]

@Carl B.

@John Thedford lends hard money and owns a dozen or so CC rentals. 100% funding may be tough though, as a rehab draw before any rehab work is done will be too. 

[Stephanie P.]

Originally posted by @Carl B.:

Hi Stephanie,

My mistake. The ARV should be at 80%. I have years of experience fixing/flipping homes. Also buying/fixing/holding.

Thanks.

- Carl 

Hey Carl

Sorry I missed your response.  When responding directly to someone, just place the @ in front of their name and a drop down of names will appear (sometimes you have to do it a couple of times to make the names populate and make sure you spell the name correctly or it won't populate).  You can also go to the ellipsis at the top right corner and click on "quote" and the previous thread will appear.  I do it this way more than the @ symbol because I'm impatient.  Go to the bottom and give your answer and the person you're addressing will get a notification.  If you don't do either of those, the person you're addressing won't get any notification that you replied.

With good experience, you should be able to get close to 100% financing.

Call the office and talk to Tom.  202-491-6461.  He'll be able to help you.

Thanks again for reaching out.

Stephanie