In need of short term financing for 30 days at 10%

[Sherri D.]

Hello,

I am in the middle of a close for a 6-unit apartment complex and one of my investor's fell through. I have 30 days to close but I need $30,500 by January 12th. I am purchasing the complex at a cap rate of 18.8% with plans to rehab and raise the rent 37% thereby increasing the value 57%. I have 2 investors committed, and need a third to provide the above amount for 30 days at 10% to be paid back $33,550 at close which is set to happen on or before February 8th. I cannot offer any collateral for the 30 days, but I do have an approval letter to ensure the funding is there to complete the close. The 30 days are needed for my investor to complete their underwriting process. The $30,500 will be used as a 10% escrow down payment for this investor. If interested please contact me ASAP at [email protected]. I also have detailed profit & loss and cash flow statements available as well. I would  be happy to answer any questions or concerns you may have. Thank you, Sherri Duncanson

[Bill Gulley]

Other than soliciting funds on the internet, you do understand, you're offering someone $254.17 to lend you 30.5 K unsecured that could get tied up in escrow and lost as earnest money? 

I suggest you go back to those already committed and work with them, it might be worth more than 10% interest on that loan amount. :)