Looking for private funding. I have a deal!

[Donnie M.]

I have access to HML but not looking to pay their rates/fees. I also have a bank that will allow me to finance at me 80% of LTV. The property I'm closing on is 2 houses on the same lot. A 2/1 and a 2/1.5. The 2/1 is 600 sq feet and the 2/1.5 is 1450 sq ft. The 2/1 is bringing in $475 already and the 2/1.5 will rent for $550 as-is but I can push that up to 650. Amount looking to get funded is 50k. It will be a classic BRRRR and my fourth one. For more details, repair cost breakdown, mls, or to talk further please PM me.

ARV 75k and needs 2k in repairs.

Some options I've thought of:

1)Partner funds project for a profit split. We can negotiate percentages. We would expect more involvement/work load shared. I've never partnered on a rental but definitely have partnered on flips.

2)Investor looking for a passive investment loans funds in exchange for a set return.

3) I am open to suggestions.

[Jeff Cichocki]

@Donnie M.,

There are a lot of long term products offered out there that are below the 10% interest you're referring to. They are credit score, experience and liquid asset driven, but they are available. Many of these products can go as low as 5%. These programs are available through some HML's. Many of us that offer HML's don't just offer Flip loans at higher rates & fees. Many of us offer these types of loans to help our BRRRR clients on the backside of the rehab loan get out from under it. It's a great combination of loan structures when used right. But, that doesn't mean the LT loan has to have a HML first. You can go straight into them.

Good luck. I hope this helps.