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Updated 5 months ago,
Hardmoney loan cross-collaterilized?
Hi,
I have rehab cash+, and tons of equity, and want to buy a known un-redeemable property at Tax deed sale for a flip.
Is there a lender that will loan just the purchase price, collateralized on one of my properties (2nd position, well under 70% LTV) so I can bid on it?
It would be about a 12 month hold. 170-180k
I am assuming nobody does this, but thought I'd put it out there. Also looking to JV with other local investors, but again need the funds on hand at the auction.
Suggestions? Thanks!