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.
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Please here is my email and phone number firstname.lastname@example.org 858-771-6844 Thomas
I'm a Private Lender, i offer home loans, business loans, and bad credit loans, commercial loans, start-up- working capital loans, construction loans, auto loans, hotel loans, No late penalty for early loans payout..... e.t.c 6% interest rates
Ruth, maybe we can help with this, but I need the answers to the following questions:
-Your full name: First, Middle, Last
-Telephone: Office / Cell, email, fax, website if applicable
-Company name & legal form (Corp, LLC ,etc.)
-Funding amount requested
-Down payment amount
-Monthly Bills(Including rent or house payment)
-Gross monthly income(before taxes)
-Executive summary, brief overview
( all other project documents will be requested after initial review and expressed interest ).
Hope to hear from you.