Private Lender in Philadelphia for $100k construction loan
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!
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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Real Estate Agent PA (#RS331743)
- Property Buyer Connect
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.
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!
@Troy Sheets We typically fund the purchase of the property and our JV partner fund the remodel.
See below.
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