my team and I are looking for a capital partner for a package deal we have here in Baltimore in a desirable area. Here are the details if you have any further questions please don’t hesitate to let me know
we are looking to structure the deal in a way where the capital partner in the deal would provide the EMD, down payment for both properties, closing costs, credit score, and recent bank statement showing that he/she is capable of coming on as a capital partner. Basically all the normal stuff underwriters that work with lenders need to close the deal
Here are the numbers
Hard money lender is providing 90% of the acquisition and 100% of the rehab requiring the Capital partner to simply need 10% into each deal. Keep in mind there are two properties being purchased so there will be two separate transactions but these are the numbers thus far for one property.
Down payment- $8500
Processing fee- $1000
Fico score 680 or above
And most recent bank statement showing 30k or more in reserves
5%-8% interest rate for 6-8 months interest only payments which we would like to begin 30 days after closing to at least give us a chance to get some work done to the properties then full investment repaid once properties are stabilized with 30 year mortgage.
-We will manage the rehab
-pay the monthly interest payments to the HML( hard money lender)
-pay the capital partner their monthly interest payments
-pay holding costs
-pay for any additional appraisals and inspections.
-pay for listing and any other tenant placement services
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