I have a deal in New York that I'm looking to get funded. I need rehab funds-$150k-on a 9642 sq ft mixed use property (I already own the property). I got it at an auction price (from a foreclosure…"
Loan Amounts from $25K-$7M+---------------GROUND UP CONSTRUCTION, WITH LAND FREE & CLEAR-1-4 Units(above 4 units goes under our commercial program)-100% of construction cost-Interest rate: 8.9%-10.9%-13 month interest only term no pre-payment penalty-2-4 points (lower on larger deals)-Closing in 10-14 days-----------------GROUND UP CONSTRUCTION LAND HAS NOT BEEN…See More
"Hello Nick, I have a BNB property in upper Maine that seller is asking 2M with a value of 3M. The seller is willing to cover the closing expenses, and the LTV is right at 70%
Can you assist us with this deal?"
Capability to offer loans from $100K to $5M+ -------------------------------- Program Highlights:-NOO Residential & Commercial Properties -Stated Income Financing -We NEVER review pay stubs or tax statements -Rates as low as 6.49% -Funding from $100K to $5M -No balloons, 30 year amortized term -LTVs up to 75% -min 650 mid FICO to qualify…See More
Post in this group for one reason and one reason only, if you are in need of a real estate loan.Post your request with any information that lenders and brokers need to know in order to get you financed. There are thousands of mortgage brokers and hundreds of lenders on this website. If you have a solid funding request, it will be answered!*Lenders and Brokers: DO NOT advertise here. If you see a funding request that you would like to help with, reply here or send a PM to the person in need of…See More
Elite Factoring is a St. Louis based finance firm that specializes in Invoice Funding, Purchase Order Financing, Merchant Cash Advances, Equipment Sale Leaseback Financing and Commercial Hard Money Loans.
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I have a deal in New York that I'm looking to get funded. I need rehab funds-$150k-on a 9642 sq ft mixed use property (I already own the property). I got it at an auction price (from a foreclosure situation) so to speak-I paid $12k (ARV is $200-$250k+). It has 9 apts.-ranging from efficiency to 3 bedroom-and a commercial space on first floor with dining room, dining/dance area with stage, 2 "bar" areas-one with large gathering area, 4 bathrooms, office, kitchen, 2 storage areas, and entry area leading to 2 upper floors of apts.
It needs electrical and plumbing overhaul, and a decent amount of aesthetic repair and upgrades. I have already had an inspector go through to give us more of a specific idea as to the scope and necessities required according to law, code and such, and contractors are almost done with the SOW. I don't know if I would be able to do a refinance-type loan on the ARV, or if it would have to be straight rehab?
Needs to be a stated, asset-based deal, as the revenue from the property after rehab (DSCR) would be the main consideration as well as the ARV. I am trying to connect with a lender that will wrap as much into the loan as possible even if it means an extra point or slightly higher interest initially to be able to have as little needed as possible at closing since funds are getting tight at this point due to delays. MIGHT even consider short term equity deal of profit percentage. I also have an OO property with some equity if needed.
I have good credit-no negs-and a 700 score (was higher until recently-had to purchase a vehicle). Once rehab is done, immediate revenue will be $6300 per month from apts., and within an additional 1-3 months or so that figure will jump to approximately $15k+ per month.