Funding in Philadelphia

[Scott Freer]

I am making settlement on 6/5/15 and my lender backed out. I have commercial properties free and clear. He was going to leverage the equity in them but it turns out I own two autobody shops and he won't work with autobody shops, go figure. Now Dispite the fact I was feeling like I was done, I'm back at square one.

I have a house under contract that I paid $171,000 for and I need to do $25,000 worth of rehab on it. I ran the numbers off of the MLS and I conservatively see an ARV of $275,000 with a BPO of $302,000. I'm looking to borrow $200,000 to account for any surprises.

I'm going to write this one up and shop it around, I got a bite from a guy that wants my first born. The deals l'm seing are 6+ points 14% I/O payments and up to $1,500 in origination fees. My problem is up front cash I have between $30-$40k and that includes closing and rehab to work with. If any of you or your colleagues are interested I will go as high as is fair DOS, or a fairly modest up front fee and a percentage at closing . Thanks in advance for considering my situation.

Scott