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Updated over 1 year ago,
Searching for Lender
A few questions below:
Does anyone have recommendations on short term lenders that I could tap for acquisition capital (likely between 60-80% LTV)? The property would be a condo in Florida that I would expect to flip in a few months. If I can win the deal at an attractive price I would expect my hold period to be 2-3 months (minimal rehab needed based on preliminary pictures).
Seems like the seller (gov't) won't be paying any buyers agent or closing costs other than providing a clear title. I'd like to negotiate with my realtor a lower fee on the buyside if I guarantee them a 3% fee on the sell side - is this off market for any reason?
Does anyone know what market rates are for short term (less than 1 year) loans around $300-400k today?
Lastly, if anyone here has experience with purchasing residential real estate via auction processes - please let me know of your experiences. I'm planning to walk the property with an agent, appraiser and general contractor ahead of participating in the auction.
Thanks all.