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Updated almost 9 years ago,
Rehab funds needed on flip.
I have a great property that we are doing a fix and flip for and need funding for the rehab. The property is in Racine, WI. We are looking for a hard money lender (No Broker's Please) to complete our fix. The home is a 4 Bedroom, 1 Bath and is 2,100 Sq. Ft. built in 1900. We are licensed contractors in Wisconsin and are finishing the third floor into a master bedroom suite with bathroom. We are also adding a half bath on the first floor. When the home is completed it will be a 5 Bedroom, 3 Bath home with 3,000 sq. ft. living space. The home has a two car garage with a loft above it that we are leaving unfinished. We are seeking a $30,000 dollar loan and you would be in second position. Willing to pay 15% for six months. The financials for the property are as follows.
Purchase Price $56,000
Appraised Value$58,000 (As Is)
Loan Amount $42,000
After Repair Value $175,000
I have been a licensed real estate agent in California for over ten years. We have two properties that we can show a profit on within the last 12 months in Alaska. We are an active LLC in the state of Wisconsin.