Looking for hard money lenders for foreclosure property.

[Charwak Gummalla]

Hello everyone

I am looking for hard money lenders to fund me to close on a foreclosure property. The property is in good shape and great area and neighborhood. The property was foreclosed by the county and auctioned it and the lender bid about 300k on it and no takers. There is about 10 day bid upset period in NC and I can bid on it and win the bid if no one else bids more than me. Else the property will be a REO. The ARV on this is about 475-500k.

Problem is I cannot get conventional financing as I don't have access to interior and a full appraisal is not possible. 

An llenders can help me with funding these kind of deals? Any input is appreciated. Thank you. 

[Kristi K.]

Quote from @Charwak Gummalla:

Hello everyone

I am looking for hard money lenders to fund me to close on a foreclosure property. The property is in good shape and great area and neighborhood. The property was foreclosed by the county and auctioned it and the lender bid about 300k on it and no takers. There is about 10 day bid upset period in NC and I can bid on it and win the bid if no one else bids more than me. Else the property will be a REO. The ARV on this is about 475-500k.

Problem is I cannot get conventional financing as I don't have access to interior and a full appraisal is not possible. 

An llenders can help me with funding these kind of deals? Any input is appreciated. Thank you. 

If it went through the foreclosure sale and no other investor bought it I would bet you money it’s not a good deal. At least in my part of the country that would be true. I go to the tax/foreclosure sale every first Tuesday of the month here in Texas and all the good ones get picked up really quick. The only ones that don’t get sold are the ones that have no meat on the bone. $300,000 is a lot of money to risk even if you had your own cash, let alone using someone else’s money.