Funding needed in Michigan ASAP!
Hello,
This ad was posted before but some parameters have changed. This deal is PERFECT for a private investor (individual or company) that is just simply looking for a good return on investment. I have tried hard money, private lenders from many brokers, etc. and their programs are too strict for this deal.
I have two properties that need to immediately be refinanced or repurchased-current lender is flexible with the terms required-to pay off the current loan amount.
These properties can be handled together or separately, one, a 5-unit, needs $80k of rehab with a projected ARV of $258k. The other, a 12-unit, needs $220k of rehab with a projected ARV of $497k. The current lender is willing to refinance or sell them back to me for $100,000. So if done separately $40k (for example) could be attributed to the 5-unit making the LTV off the ARV only 46.5%. The 12-unit could have the remaining $60k attributed to it making the LTV off the ARV only 56.3%. So a lot of room in there to split the profit at the refinance of the deal.
The rehab for the 5-unit is projected to be complete in 4-5 months, the 12-unit 6-7 months. I plan to refi at 75% LTV upon completion. If done separately that would yield an approximate check back of $73,500 minus loan fees and closing costs for the 5-unit and for the 12-unit approximately $92,750 minus loan fees and closing costs. I am willing to negotiate the back end splitting of these projected profits.
Regarding NOI, the 5-unit is projected to yield $$34,700 and the 12-unit, $63,500. I would be happy to provide additional key information detailing this project if interested. Please respond ASAP if interested to [email protected].
Thank you,
Sherri