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Troy Sheets
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  • Developer
  • Philadelphia, PA
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Private Lender in Philadelphia for $100k construction loan

Troy Sheets
Pro Member
  • Developer
  • Philadelphia, PA
Posted Aug 10 2020, 16:20

As the title says, I'm looking for private lender to fund the rehab of a single family shell in Philadelphia. It's a rental, not a flip, so I won't get stuck if the market turns. I paid $10k for it, it's worth $70k+ as a shell with building permits in hand and ARV is $180k. Rehab should take 6 months max, plan on lending for 8 just in case and so I have time to refi, and be flexible to go out to 12 months worst case. Shouldn't need more than the 8 but you just never know. Happy to pay an extra point if we go past the 8 months.

You'd be in first position protected by $70k in equity. My partner and I have excellent credit and reserves. Yes, I know we can get similar terms from a HML, we're just looking to build a new relationship that could grow into potentially investing in projects together, etc. Thanks!

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Irfan Raza
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  • Investor
  • Philadelphia, PA
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Irfan Raza
Pro Member
  • Investor
  • Philadelphia, PA
Replied Aug 12 2020, 18:05

If this is the one we discussed the other day, I would say $70k is conservative! I sold a shell around the corner for $85k. Nevertheless, I have a couple good lenders I have been working with recently.  Talk soon. 

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Troy Sheets
Pro Member
  • Developer
  • Philadelphia, PA
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Troy Sheets
Pro Member
  • Developer
  • Philadelphia, PA
Replied Aug 12 2020, 18:19
Originally posted by @Irfan Raza:

If this is the one we discussed the other day, I would say $70k is conservative! I sold a shell around the corner for $85k. Nevertheless, I have a couple good lenders I have been working with recently.  Talk soon. 

Yes, same one. I'm being somewhat conservative but a near identical property just sold for $180k a block over, but I'm happy to hear that! Looking forward to hearing about your lenders.   

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Stephen Baraldi
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Stephen Baraldi
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Replied Aug 25 2020, 11:23

Hi Troy,

I'd be happy to try and work out a deal with you. I'm a private loan originator specializing in new construction loans and fix and flip loans. Feel free to email me so we can move forward!

[email protected]

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Anthony Dadlani
  • Investor
  • New York City, NY
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Anthony Dadlani
  • Investor
  • New York City, NY
Replied Aug 26 2020, 04:45

@Troy Sheets We typically fund the purchase of the property and our JV partner fund the remodel.

See below. 

Nice Connecting With You. We joint venture on fix and flips as well as buy and hold. More information here http://www.aplusrealestateintl.com Would love to have a conversation with you about your experiences and business. Please feel free to reach out to me and schedule a call. Please use this link to schedule a call Looking forward to speaking soon https://calendly.com/anthonydadlani