We have a client who has a residential property worth $1,072,000
He has a mortgage of $647,000 with a balance of 426K. He wants to realize $130K to re-hab the property and is looking for a hard money lender to come in ideally sub 10% for a term of 1 - 2 years.
Any Takers?
Kind Regards
Ash
On this file the owner will need a minimum 650 FICO
Our success based consulting fee is 8%, which we withdrawal the day after the client gets the HELOC and is able to transfer funds from their personal account to the business account (we pull our fee from business accounts only)
Max line will be $250,000
APR will likely be between 12.9% to 14.9% (only on funds used)
Funds are delivered on a bank credit card (Visa or Mastercard)
2.5% charge to transfer money from the card to the bank account
We need:
Owners DL front and back
The owner's last personal tax return
a copy of the last mortgage statement
a copy of the deed
I can ce. a Heloc on primary residen
8%
I can get pretty competitive on real estate deals but as steve said under 10% is not going to happen with this scenario. If you want a term sheet for the deal you can fill out term sheet request and I'll have one over to you asap.
JD Chiles
Chiles Capital
877.492.1099
jd@chilescapital.comĀ
www.chilescapital.comĀ
I assume it's investment property. Typically cash out is 65% to 75% Loan to value. Rehab costs can be up to 100% loan to cost.
Here is a link to a rehab/construction worksheet:
https://drive.google.com/file/d/1AUe...ew?usp=sharinggoing
10% isn't going to happen.
Steve Benjamin
Professional Business Loans
Irvine, CAĀ 92620
SteveProBiz@gmail.comĀ Ā
https:/probizloans.net/
949-228-1050