6 month 65% LTV Private Mortgages Needed On 2 Properties

[Scott McMahan]

I own two properties outright and I need private mortgages on them in order to buy another property that will be my primary. Must close on or before 5/20/16.

This must be a private mortgage or hard money loan. The property we are buying is not financeable and we've got credit issues that prevent us from getting a conventional or FHA mortgage right now. We are also unable to get a HELOC so that's not an option right now.

Mortgage Amount: $175,000

Collateral: 

4122 Independence Dr. Genesee Twp, MI 48507. 1500sf 3/2 ranch with garage and basement. Fully rehabbed, will be on the market by 5/6/16 for $109,900. Seeking a mortgage of $70,000.

1321 Woodlawn Park Dr. Flint, MI 48503. Beautiful remodeled 3200sf Tudor on the nicest street of one of the best neighborhoods of Flint. Water treatment system in house and we can provide a 0ppb lead test. Will be on the market by 6/1/16 for $159,900. Seeking a mortgage of $105,000.

I'm willing to add the new house as additional collateral, although I will be occupying the property. It is a 4000sf updated farmhouse on 10 acres in Lapeer MI. Worth $240-260K after the $15K light repairs we will make. 

Alternate Structure:

Another idea is you can buy the new house and give us a lease option on it for one year. We can give you a mortgage on the houses on Independence and Woodlawn Park as additional collateral. In this scenario, the LTV goes down to 35%.