3-6 Month Loan (Private Money)

[James Vermillion]

Greetings,

My business partner and I are currently rehabbing our first home. We are about one month out from completion of the project (under budget and ahead of schedule) and are currently looking for our next house (potentially a rehab flip or rental). We are looking for a short term (3-6 month) loan to allow us to close on another loan while we complete the current property.

I am working some other angles right now but I am curious as to how others have dealt with this issue. The numbers are looking even better on our current project than we anticipated.

Thanks.

James

[Will Barnard]

James, did you purchase the current holding with all cash of your own money (no loans or deeds of trust filed against current holding)?

If so, you should be able to get a loan either hard money or pirvate lending funds easily for 50% LTV and use those funds to purchase the next one. You can also add more funds in by utilizing a first position deed of trust on the new acquisition up to 50%. This will aloow you to have 2 propjects going at once.

As you develop more funding, you will be able to have more and more projects going at one time. When I started, I did one at a time until it was sold, then bought another. Now I have 7 projects going all at once and it is because I have utilized private lending funds combined with my own.