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Updated over 5 years ago on . Most recent reply
Bank loan or private investors
Hello Friends of BP,
My name is Kenny and I'm looking to close on a property that I have under contract by Nov 1. I have a couple of options with bank lenders, but was instructed to try and buy this property in cash (hard money or private lender) without a bank to refinance the property and avoid the 6 months of seasoning time. Purchase price with closing costs and rehab at 145k. ARV at 175k. Refinance as soon as repairs are completed (estimated Dec 1).
Am I doing this right? Thanks for any insights on the financing strategy as well as the deal.
I have about 60k of the 145k for cash needed. Let me know if anyone is interested in being a private lender on this.
Most Popular Reply
Your velocity of cash is important, even if you pay a little more in points/interest. Depending on your goals it could be beneficial to get that hard money or private lending funds so you can go invest your cash quickly again. Best of luck!