Potential Deal - Funding Questions

[Randy Chapman]

Hi everybody,

I've been doing my homework for the past several months and finally stumbled across a potential deal. Mid 200s purchase with comps in the low 400s for ARV. Planning to look at the property today or tomorrow to get a sense of repairs needed.

Seems like a slam dunk, but without the ability to put down $50k for a down plus fund repairs out of pocket what are my options? I'm still not clear about funding requirements on a deal like this - LTV seems to be based on purchase price but "not always" so I'm curious how I could get in front of a HML who would be interested in funding a deal with 10-20k out of pocket (potentially more depending on partners on my end which I'm open to partnering on this forum).

And oh yea, first deal for me.

Thanks!

[Shawn Ward]

I know Patch of Land will do 85% of your acquisition on your first deal. You should contact them. That is probably the best you'll do on your first deal. You can get 90% after that. 

Also contact Orchard Funding. They promote 90% sometimes. 

Good luck!

sjw