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Updated 9 months ago,
GAP lender needed... Texas City
I have been under contract on a duplex ready to close, but the second investor has ghosted me and the lender. We need $30,000 to close. It will close in just a few days once we get an agreement notarized. We are willing to pay $5,000 up front upon entry of the deal. We also will pay 13% per annum paid monthly for the duration of the project. It is a very light cosmetic rehab, Just enough to get better rent rate. The project will only take a few weeks of rehab but will refinance at day 91. Federal guidelines do not allow loans like this to be refinanced sooner than 90 days I'm told. How would you try and find a gap lender? Facebook is full of scammers and a waste of time. This is a very legitimate deal and quick money for the gap lender. They will be second in line behind the first mortgage.