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Updated almost 9 years ago,

User Stats

88
Posts
38
Votes
Lee Nugent
  • Investor
  • Naples FL and Shreveport, LA
38
Votes |
88
Posts

Looking for financing to close quickly, Louisiana

Lee Nugent
  • Investor
  • Naples FL and Shreveport, LA
Posted

Good morning BP. I have a few deals in the pipeline and one came back sooner than expected. I am using my line of credit for an REO purchase and rehab, but a short sale came back accepted. The details on the short sale are below and I need to find some short term financing for it. My credit score is bankable, DTI etc are strong but I would like to close by the end of the month. Does anyone have a recommendation for a lender in Louisiana or outside of LA that is legit and can assist on this? I need to finance short term until the title seasons for 6 months so that I can flip it out to a 30 year term.

4br 3ba over 2300 sqft
200K ARV
New roof being put on but we are negotiating that the seller put that on.
Sale price of $130,000.
Total financed including closing costs would like to be no more than $150,000.
The home is practically rent ready and we project a minimum monthly rent of $1600, but will market it at $1750/mo.
This would place us at 75% LTV

If anyone has a recommendation on someone that I can use, I would greatly appreciate it.  Thank you for reading and have a great day.