Phoenix Private Financing Needed -- $300k, Low LTV

[Craig Rismiller]

We picked up (6) non-Fannie conforming condo’s last month in Phoenix, AZ that we would like to refinance out of Trustee Sale Hard Money. Ideally we can find a private lender that doesn’t charge the typical hard money points. Here are the details:

• 7 units total in complex. We own 6 and control the HOA with our 85% voting power
• Units were built in 2007 – and are in the higher-end in terms of finishes
• Our personal FICO's are 730+, with good outside REI income
• Our purchase price was ~$490k, with the current market value of ~$650k
• We are seeking $300k, which will put the LTV at 61% based on purchase and 46% based on value
• We are looking for a 2 to 3 year term, with a rate of 6 to 8.5%

Does anyone have any leads? We have spoken to at 20 plus local banks but because these are all deeded separately as condo’s they are not interested.

Thanks!

[Craig Rismiller]

Thank you to everyone for the responses. We were able to find a small community bank to make this loan so we no longer are seeking a private lender.