I currently have been quoted 6.5% with 3.5pts for a full doc renovation loan through a local hard money broker, but am trying to find something with fewer points. Another quote I received was 8% and 2.5pts. These are reasonable rates to be, but I'd prefer 6.5-7% with 1.5-2 points. We typically would be obtaining conventional renovation bank financing at sub 5% rates with no points but this contract doesn't allow for enough time to obtain a bank loan which is the only reason we're considering paying a higher rate to do the deal since the profit margins allow for it.
I'm a low risk borrower with a 816-820 FICO score, documentable income and assets, 9 years of real estate sales experience working extensively with investors, successfully flipped about 8-10 properties over the past 3-5 years and looking to expand into doing more over the next year. I have ability to put 20-25% down but would prefer to leverage more if possible without a major rate hike. I could also purchase the property for cash but would need to do a cash out refi quickly after closing on it.
I'm also open to credit lines at reasonable rates if you offer them or know of one available.
143K purchase price
110-120K rehab
ARV 375-400K.
Loan amount of $200-225K
12 month term.
It would need to close and fund by August 8th.
Please contact me via phone or email, I likely will not check responses on this website adam@locationlocationlocation.com or 678-760-6266.
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Sincerely,
Adam Ailion
The Ailion Team
RE/MAX Town and Country
REALTOR®
CDPE-Certified Distressed Property Expert
CARI-Certified Agent For Real Estate Investors
678-760-6266 Mobile
adam@locationlocationlocation.com
