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Looking for Some Financing Advice/Referrals

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  • 1
Vitaliy Volpov
  • 72 posts
  • 38 votes

Vitaliy Volpov
Attorney from Albany, NY

posted about 1 year ago

Hey guys,

Here's my situation. My business partner and I have a great deal on a 6-unit under contract. Cash purchase. Purchase price is $97,000. Expected rehab costs are approximately $130,000. Closing and carrying costs are another $8,000 or so. Total all in cost $235,000. ARV conservatively will be approximately $300,000 (but likely closer to $350,000).

We just had a private lender, with whom I worked in the past, tell us that he is unfortunately not going to be able to fund the deal. We are under contract to close by 12/31/17. So, we need to find other financing fast. The private lender terms were 10% interest, one year term, interest only payments, first position lien, insurance and title insurance, and personal guarantees from myself and my partner. The lender was going to provide 100% of the purchase price and the rehab costs.

I would like to find something comparable out there. Any suggestions? We don't want to pay hard money lender interest and we can't go to a conventional/commercial bank because the property needs too much work.

Even if we could get 70%-80% of the deal financed (i.e. 100% of purchase price and part of the rehab), we could come up with the rest of the funds (we will have access to approximately $75,000 once a commercial refinance on another building I own completes in January).

Has anyone had success with any peer-to-peer lending platforms? I have previously tried RealtyShares, but the guy who I spoke with said that my deal was too small for them (it was another $200,000+ project). Has anyone tried to get financed through PeerStreet? Anything else that's similar?

All suggestions would be appreciated. Thank you.

Vitaliy

Anthony Palmiotto
  • 113 posts
  • 31 votes

Anthony Palmiotto
Hard Money Lender from Sea Girt, NJ

replied about 1 year ago

One thing that most lenders are going to look at is the fact that your reno budget is more than your purchase price. Because this is a heavy rehab, you need to be sure you are selecting the correct lender. What sort of experience do you have doing flips?

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