Updated over 3 years ago on . Most recent reply
Cross Collateral Rehab Deal Macon Georgia
Investment Info:
Single-family residence private money loan investment in Macon.
Cash invested: $60,000
Borrower purchased two SFR that were in need of rehab for cash. T&M used both properties as collateral for a 60k rehab loan on one of the SFR. Once this is rehabbed, borrower will refi out and pay off our mortgage. The plan is to do another loan on the second SFR with the borrower coming in w a little cash to lower our new loan amount and have more skin in the deal.
What made you interested in investing in this type of deal?
Borrower skin in the deal
How did you find this deal and how did you negotiate it?
Broker referral.
How did you finance this deal?
Private money loan with Private lender for 12 months.
How did you add value to the deal?
Cross collateral both properties for the rehab of 636. Once completed and refi'd, the plan is to swing back and do another rehab loan on 626 at a lower amount since borrower will have some cash to work with.
What was the outcome?
Closed and rehab in process
