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Updated 20 days ago,

User Stats

7
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0
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Joe Allen
Pro Member
0
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7
Posts

Looking for a Hard Money Lender for 1.3m acquisition + 1m rehab (NYC)

Joe Allen
Pro Member
Posted

Hi BiggerPockets Community!!

I’m currently looking for recommendations on reliable hard money lenders and would greatly appreciate any insights you can provide. To ensure I’m as thorough as possible, I've listed below the criteria to narrow down options.

Thank you in advance for your help!

Property Address: New York City

Purchase Price: $1,300,000

Property Type: Townhouse condo

Number of Units: 3

Loan Type: 18 month fix n flip w/ early prepay (9months+)

Estimated FICO: 790 (mortgage, cars, cc’s. Nothing bad)

Renovation Budget: $1,000,000

After Repair Value (ARV: $3,300,000

Annual Property Taxes: $10,000

Annual Property Insurance: $6,000

Liquidity/Cash amounts to close: $250-$500k

Entity Name (LLC): n/a

Project experience: Multiple full gut reno alterations + full ground up developments with all permits/contracts/proof/site-walk-through available. Projects much more complex than this.

Project experience budget: $1m - $3m (just in reno)

My role on projects: General contractor

Credit notes: Never bankrupt, no foreclosures, nothing delinquent, no felony, US citizen, not a primary residence(investment), no judgments.

House notes: delivered vacant, standard acquisition, 3300 sqft, no sqft added, EXIT STRATEGY is to sell the units.

Thanks again!

  • Joe Allen
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