Need financing for an investment purchase in Washington state

Good evening.

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.

Alexander Williams

alexwestcoastfunding@gmail.com

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Hello Alex.

My name is Lisa Verholtz. Shaun Tollman sent me a link to your post. I would be happy to help you with this rehab purchase. I have sent you an email  to your Gmail account with my phone number so you may call me at your convenience. I also included some introductory terms that you can share with your business partner. Those are subject to change upon approval but should give you a pretty good idea of where you will be. Close in about 3 weeks depending on how quickly you can satisfy my list of required documentation.

Thank you sir!

Hi Lisa.

I got your email and will have your documents ready by Wednesday. I have heard good things about you. My partner will be giving you a call this evening.

Hey Alex, I sent you a couple of groups via email. The deal is too far for our group to lend on. Also the 90% of purchase price may not be as easy as it used to be. Many groups have tightened their credit box and guidelines. We are starting to get those turn downs in our area so be prepared to put more cash down. Hopefully that helps and good luck.

Thank you Chad. I appreciate the response. 

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Yes and thank you. I received many emails. We have selected a lender and have already submitted all requested documents.

Thank you.

Alexander Williams

Hi Alex.

Lisa Verholtz helped me purchase a small multifamily a couple weeks ago. All I can say is wow! Buying real estate is never easy, constant requests for docs, nonstop emails and questions. She texted me every Mon, Wed, Fri with updates. We closed very fast and I have never been so pleased. Me saying this is to recommend the best I have ever seen.

TIna

Tina,

I used her as well. I consider myself a good mtg broker but I just did not have the right source for my own loan. I made this post Monday and my loan has already been submitted. My partner and I have already had a conference call with the lender. I am expecting terms tomorrow. I agree with your recommendation.

Thanks and congratulations on your own purchase!

Alexander Williams

I want to thank Lisa Verholtz for having an approval emailed to me yesterday afternoon. This rehab has the potential to be a great one and a quick approval at 8.75% over 18 months with 15% down and all rehab financed will work. Lisa did not just text me daily but also called 3 times in 4 days to ask questions and update us. Great service and impressive knowledge.

Thank you.

Alexander Williams

Please contact me and let me submit your request to over 750 lenders across the US that will certainly be able to assist.

Best regards,

Wayne Hollis

wayrhollis@gamil.com

Update: Just got final approval for our rehab deal. Signing this Thursday. Very impressed!

Hi Alex.

Looks like you probably completed your purchase last week. If for any reason it did not go through, I would love the opportunity to speak with you. I can do 85% purchase with 100% rehab for up to 24 months. Again, looks like you just signed but if not, PM me.

Best,

Gemini Financial

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