We purchased a flip in April 2022. It is one of the oldest homes in Edgefield, SC and is listed in the registry as the Century Home. It was built in 1850. We purchased it for cash and have completed 80% of the rehab out of pocket at $126000 dollars. We need an angel investor to complete the project with estimated complete supply list at $25,000. We are looking for a 60 day $25000 investment from an angel investor as we have depleted all our cash with the rehab we have already completed. Any help and direction is greatly appreciated. We have the deed so we do not need a mortgage
It sounds like you need a hard money lender; not an angel investor. Find a local hard money lender and have them take the first position on your property. I would request at least $50k; to make sure you finalize the deal correctly and quickly. I would also tell them you want a 12-month loan with no prepayment penalty. This will give you time to complete the project, and sell the property at full market value.
We purchased a flip in April 2022. It is one of the oldest homes in Edgefield, SC and is listed in the registry as the Century Home. It was built in 1850. We purchased it for cash and have completed 80% of the rehab out of pocket at $126000 dollars. We need an angel investor to complete the project with estimated complete supply list at $25,000. We are looking for a 60 day $25000 investment from an angel investor as we have depleted all our cash with the rehab we have already completed. Any help and direction is greatly appreciated. We have the deed so we do not need a mortgage
what would be my protection or benefit from allowing a hard money lender to take “first position” on a home I paid cash for and have sunk my whole saving into for a mere $25,000? I have no problem with a hard money lender but I will not give up $225,000 worth of equity for $25,000 to complete and sell. The estimated sell value is $525,000