Seeking rehab funding

[Kyle Tanner]

Hi Everyone,

I just got a tape of 51 distressed properties that I am allowed to cherry pick.  I have narrowed the list down to 18 which I want to purchase.  I can pay cash for the package but then need about $380k total for rehab to get rent ready (averaging about 20k per property).

Can anyone help me with a personal or bank loan?

I can do a 5 year term but prefer a 7-10 year term or longer.

[e-mail]

[Brandon Murphy]

Open Door Lending is a private money lender based in Southern California specializing
in residential, commercial, income and industrial property types.

We are offering a NEW Lending Program.
This NEW Program is ideal for clients who need quick funding and don't qualify for traditional bank loans.

Program Details:
• Loan amount: $50K - $5M
• Rates: 9.5% - 13%
• Loan Type: 1st and 2nd Trust Deed
• Non Owner Occupied, SFR
• Commercial, Industrial
• Fix & Flips
• Rehab Loans
• Note Purchases

Call us for more details

Brandon Murphy
Direct:747-222-8593
Cell:661-310-6449
BRE# 01936791 NLMS#1105201
[e-mail]

[Grischa Denmark]

Hi Kyle,

 I have the below two programs that might be of help to you, please feel free to call me at 702-493-6066. I am usually available 9-5 Mon-Fri Pacific time.

Money for Residential Fix & Flips and refinances CA only.

We will lend up to 70% LTV on purchases, provided the buyer puts down at least 20% of the purchase price in cash, his middle credit score is at least 680, and he has the capacity to repay. The seller can carry back a second mortgage for 10% of the sales price.

We will often lend up to 60% LTV on refinances, provided the borrower's credit score is at least 680, and he has the ability to repay. The term of most of our home loans are three years.

Our interest rate will vary from 8.9% to 12.9%, depending on the safety of the deal and the desirability of the property and neighborhood. Most of our home loans will be either 9.9% or 10.9%. We charge around 3 points on home loans.
Minimum loan amount 100k Max 1.2mm

Light Doc Residential & Commercial Investment Property Loans, No Taxes Required!!!!

The max loan amount to one borrower is 2.5mm, fixed for 3 years after 3 years it will switch to adjustable. There are no tax returns required and the properties can be vacant. If you are interested please feel free to contact me. The only documents I need is a 1003, rent roll or lease if the property is occupied and I will need to pull credit. This program is for single family detached up to 4 units no condos. We can also fund commercial properties as well under this program. There is no maximum amount of homes you can own as long as you don't go over 2.5mm.

Max Loan:
$1,000,000
Min Loan:
$150,000
Max LTV:
70%
State Rate:
7.99 % (Rates adjust daily)
Margin:
4%
Min FICO:
650
Prepay Premium
3% for fixed years

Below is some more information on the residential investment program, we can also fund commercial on this program as well.  

Transaction Type……………………Purchase, Refinance & Cash-out Refinance
Loan Amounts..…………………….$150,000  to $1,500,000
Amortization/Term………………...30 year fully amortizing / 30 year loan (other amortization options available)
Index………………………...…………WSJ Prime | Margin: 4%
Rate Caps………………………..……2% first adjustment then 1% periodic | 2% annual - 6% life over start rate
Prepayment Penalty…………………5%for each year loan is fixed. - Example: 3yr fixed = 5%, 5%, 5%
Multifamily < 5 Units: 3% for each year fixed
Prepayment Buy Down……………1  year buy down add 1.00% to start rate (max buy down = 1 year)
Rate Buy down………………..……1pt fee =.50% rate reduction (max 1%) | Min. Rate: 7.99%
DCR Requirements…………..……1.20x

Not Offered In The Following States

Alaska Illinois
Minnesota Michigan
New Hampshire North Dakota
Oregon South Dakota
Utah Tennessee
Vermont