Looking for Private Gap funding

[James Wesseldyk]

Hello, 

I have 5 single family builds that I will be starting soon in Michigan.  Have primary lender in place. 

Looking for private gap lender to cover out of pocket and holding costs. 

House 1- cost to build 300k, ARV 390k. 1st lien will be 285k. Looking for 45k to cover out of pocket and holding costs. Will be 2nd lien position. Exit strategy- sell when complete, 6-8 months

House 2,3,4- cost to build each 240k, 320k ARV. 1st lien 168k. Looking for 90k to cover out of pocket and holding costs, so total of 270k for 3 builds. Will be 2nd lien position. Exit strategy- sell when complete. 6-8 months.

House 5- cost to build 270k, ARV 390k. 1st lien 189k. Looking for 110k to cover out of pocket and holding costs. Will be second lien position. Exit strategy- retain as rental. 6-8 months. Cash out refinance at 80% to pay off both loans.

Experienced GC will be completing builds and ready to start. I look forward to connecting and seeing what terms you can offer!

James

[James Wesseldyk]

Quote from @Raj G.:

@James Wesseldyk Just wondering, how much you are paying for interest and point for first lien?

Hello @Raj G., 3 points and 11%