I have a borrower wanting to do 3 rehab projects in Baltimore, MD. They are low purchase prices with large rehab loans so most lenders won't work with these despite good credit and experience. Here are the details below if you can assist?
313 N Stricker Street - (PP) 33,000,Rehab cost ($100,000), ARV (300,00)- will be sold
322 N Stricker Street - (PP)22,000, Rehab Cost ($150,000), ARV (300,000)- will be converted to a 3 unit apartment, re-financed kept for rental (Still awaiting confirmation of multi unit status/zoning)
859 Harlem Avenue- (PP) $51,000, Rehab cost ($100,000), ARV (350,000) - will be renovated and sold
My credit score is 780
My have 14 doors and 5 houses that are rented,
I have done 4 flips in last 5 years
Hard money loans is the way to go with this.
Looks like the purchase price of these houses is going to be too low for most lenders. The lenders I have dealt with have minimum purchase amounts of either $50k or $75k.
We are a local hard money lender based in Baltimore. See and do these deals often. To note these properties are in West Baltimore which is not the greatest of areas. Borrower will need to show verifiable liquidity/reserves and proof of experience for us to consider.
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