All Forum Posts by: Ryan Stuckey

Just do Delayed Financing on the purchase. You can typically put this financing in place up to 90 days after a cash purchase. It's the same terms as a normal purchase, just finished after you cash close (to secure the property fast) with a 30-yr term. So you can get 80% of your purchase price back out. It does not work for cash out above a purchase price.

If it's a rehab project, you can get 80-90% out plus 100% of rehab funded, i.e. the typical purchase and rehab loan terms (12-month term).

Quote from @Nick Versetto:

I haven’t taken down a project in a couple years and I used to have a list of lenders begged to finance my projects but now it seems those are much harder to find now.  

If anyone can send me a contact etc I’d appreciate it. 

Thanks 

Longhorn Investments, indeed with 100% on purchase and rehab, is very active in certain metro areas in 10 states (OH, IN, TN, NC, GA, AL, AR, TX, NM, MO) but not IL. Perhaps you could look at nearby states. Out of state investors OK but approval a bit easier with local access (i.e. that means you are resident within 250 miles of the project).
 

Glad to hear your first one went well with Longhorn!

We do like to help first-timers get going - 100% financing on purchase can make all the difference.

Longhorn Investments offers 100% on both purchase and rehab, with the combined loan amount going up to 75% of ARV. Select metro areas in select states. No experience required as long as the deal qualifies.

Hi Paul,

Longhorn Investments based right there in Dallas is one you should really consider. 15 years in business and 7000 closed loans - well known for the rare program of 100% on purchase along with the normal 100% on rehab.

The numbers need adjusted quite a bit. Very simplified calculation:

Sale 350k
- purchase 200k
- costs to close loan/insure/taxes/etc 10k
- mortgage payments 10k
- rehab 80k
= 50k profit before taxes

For fixer uppers, you will likely need to do a short-term purchase and rehab loan at 11-13% interest, not long-term rates 8-9%. This can get very expensive during a long rehab period.

Well done, and congrats. Which part of town is this?

Quote from @Roger Segura:

Quote from @Ryan Stuckey:

Quote from @Esau Turcios:

Quote from @Don Konipol:

Quote from @Esau Turcios:

Who are some reputable hard money lenders that offer 100% financing? And can explain the process to a newbie?

Here’s a complete list of lenders offering 100% financing




Feel free to call any of the above listed 

 Ha great stuff! 

Funny, except he forgot to list Longhorn Investments offering 100% purchase and rehab financing, been doing so (and closing them fast) for many years. 

 Do you do Ohio only? 

Hi Roger, we currently operate in select metro areas of 10 states: AL, AR, GA, IN, MO, NC, NM, OH, TN, and TX. I'm the OH representative but can connect you with those in other states.

Hi Bret,

You should focus on DSCR-type investor loans for rental purchases, and a good broker with access and expertise to a range of programs will help you get it done correctly and efficiently.

Welcome to Ohio!

Longhorn Investment has 100% financing available on purchase and rehab costs (loan amount up to 75% of ARV). Yes, this exists. Very established with 15 years in business and 7000 closed loans. However, it is only in specific states and not the DMV states. The closest ones to you are NC, TN, and OH.