My buyer closed a deal today with me and used a truly awesome PM guy. It's no wonder these guys do 40 fix/flips a year! With my buyers permission I exchanged contact info with the lender.
I am looking for several deals that I can use this guys money on right away.(DGers, find me a property in the Denver area and get paid) In fact, I should be able to double the amount of fix/flips I am doing. This guy is a great addition to my team.
No appraisal needed on loans under $250,000.
No LTV or ARV loan ratios. This is unheard of! Loans on a deal by deal basis. Checks your numbers and says yes or no.
Here it is!
1% origination fee paid up front.
5.75% interest only, 12 month loan.
Of course I must pay the origination fee and make the interest payments monthly. I must have 6 months of interest payments in the company checking account.
On a $250,000 loan that I can flip in 90 days my money costs will only be $7,000!! Hard money at 4 points and 15% would be $19,000!!
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC