Short term loan for fix and flip 50,000

3 Replies

I am in contract for a manufactured home in Palm Desert, built in 1986

it is a 3 BR, 2 bath unit 1960 sf on leased land in a country club.$125,000 

potential value $180,000, (comps in the park)  I was a real estate  broker

in NYC  for 25 years and purchased, rehabbed and sold 5 properties.

I moved to Palm Springs, Ca two months  ago and looking to do deals here.

Happy to help, how can we help? You'll find with recent experience, most reasonable HMLs will lend 60-70% of purchase price and 70-80% of rehab on non-real property, so long as the total does not go past 70% of the post-completion ARV. Expect to pay 10-12% and 2 points. Is the property on a permanent foundation?

What is your rehab budget?

LTV ratios are better on real property. Interest rates a bit lower as well.

Also note with only 5 properties experience over the last 25 years, you may not qualify as recently experienced, as such LTV may be lower and rates/points a bit higher.

I am in contract supposed to  close Dec 10th, it is a manufactured home in Palm Desert, built in 1986 at 73450 country club drive. It is an all cash offer...I wanted to get a

home improvement loan, or a line of credit.

it is a 3 BR, 2 bath unit 1960 sf on leased land in a country club.$125,000

potential value $180,000, (comps in the park)

I want to fix it up and sell in February when its peak season

Pauline 

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