Recommended hard money lender

Recommended hard money lender

I have two deals and I need hard money lender to finance.

Every time I contact one I get no answer or my credit is too low.

Here is the numbers:

1-166 Magruder ave
3 bed 1.5 bath
1232 sq ft
Asking price $79,000.00
Repair estimate $64,947,00
Comps $115,431.00 - $160,019.00

2-3305 Chestnut Hill CT.
3 bed 2 bath
1566 sq ft
Asking price $174,900.00
Repair estimate $64,195.00
Comps $204,525.00 - $261,337.00

Note: When I went to look at Chestnut Hill Court, I noticed it is a 4 bedroom home. The bank has it listed based on the tax records,which say 3 bedroom.

If you have a facebook account you can see the pictures of the properties.

http://www.facebook.com search solivan sons  

Eric

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LENDER NEEDED ASAP

Doesn't anyone have a lender they can refer to me?
I can find the deals, but no lender.

Thanks,
Eric


lenders

You may want to re-negotiate if you can. Based on your numbers your arv is right in the middle of the comps. A hml more than likely will not do a deal unless it can be sold quickly and below comps. Do you have capital for repairs? I would say your best chance is to find a hml that specializes in rehabs.


With those numbers a HML

With those numbers a HML will not finance you. Why are the repair estimates so high? Those estimates reflect a complete gut rehab with top of the line products. Actually these aren't very good deals unless it's owner-occupied and the owner does the rehab over time.


Eric

on the first deal, when I added up just the purchase price and the repair estimate amount, I got $143,947.00. You did not mention what the after repair value would be.

Most hard money lenders will value the property on the quick sale value, based upon a certain time frame. I have seen where they will go with 180 days, they all differ.

So lets say for example that this deal had a quick sale value in 90 days of $167000.00 and they lend you 60%, then you will get a loan of somewhere around $100,200.00. This alone leaves you with a short fall of $43,747.00. This is what you would need to come to the table with.

Then there are fees to get the money which come out at closing, as well as other costs such as appraisal, title, etc.

You are going to find yourself spinning your wheels and getting nowhere. Then there is the issue of your credit being too low.

I have the PM you sent to me, I will reply later today. Now I cannot speak for every lender out there. Someone may fund you but it could be b=very costly.


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