I am working on my first deal and need some private lending. I am working with a HML and need down payment loan.
Fix n Flip project in Oregon
Purchase Price: $260,000
6-8 week Reno
Please email [email protected] for more information or message me your email and I can send to you. We are closing on 6-14
I wish you luck, but closing in 4 days is a bit unrealistic. I could be wrong, and I hope I am, but probably not.
You're sitting at 60% loan vs ARV without the renovation figures. Depending on the cost of the renovation and unforeseen issues, your numbers could exceed the maximum LTV of these loans which is usually 75%. If you're borrowing the down payment and the renovation is covered by the HML, do you have closing costs to contribute or are you looking for 100% financing with no experience?
Your best bet would be to bring in an all cash buyer to JV with if this is your first deal.
Best of luck
@Stephanie P. Thank you! I am looking for a 100% financing. The closing costs are covered by the seller. I have funds to cover renovations costs until reimbursement and to pay interest payments. If you or anyone you know are interested in JV I would love to discuss the deal.
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