I have a scenario for all of you in the hope that I can get this transaction financed, hopefully by October 10.
I want to say that I am an experienced commercial Mortgage Broker but I do not have as many sources as before and none that will do a fix & flip longer than 12 months. Here we go:
I have an investor that I have done 2 loans for, one in February 2019 and another in January 2020. Then came Covid, or the big fake scare. The lender I used for his 2 deals used to go up to 18 months at 90% loan to value and 100% of rehab. Now, they only go 12 months and up to 80% loan to value.
This is a deal that he and I are going to partner up, 50/50. We have formed an LLC and have our rehab budget ready for an off market house in Kenmore, Washington, 10 minutes from where I live. I have until October 10 or the owner will put the home on the MLS and sell to anyone that wants it and it will go fast. It's in a nice area, 15 minutes from Seattle. Older home built in 1959 which is why it needs extensive rehab. In current condition worth around $730,000 but we can buy it for $620,000 with an ARV of $925,000. I have only flipped one house which was in 2018 but my partner has done 2 with me and 2 others in the last 5 years. His credit is low 700s and mine is high 600s. We can come in with a total of 10% down. His income is around $140,000 a year, mine was $107,000 for 2021.
We need 90% purchase, $65,000 for rehab, and an 18 month term if possible. Will take 12 months if we must but not preferred. I would like to go direct to the source but I will work with a very experienced and reputable broker. Just so you know, I am good friends with Shaun Tollman who knows many members of this site, and have emailed with the owner of this site several times so if a broker contacts me, I will verify credentials before responding. If that is alright with you, please let me know what you can do. I am not on social media other than Twitter so I feel this is the best place to post my request. If I do not respond, no hard feelings. We know what we want and my partner is very particular with whom he works with. My work email is below so please only email if this is a deal you can complete.
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