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Updated over 8 years ago,
NEED FUNDING IMMEDIATELY!!
Hello BP I needs some help with this, my buyer put a house under contract and close in 9 days, now his Private Lender ran out of funding and won't be able to have available funding for two weeks. This means we will lose the property, because Asset Manager will not allow any extension. What should i do? I need some advice.
Particulars:
Property located in Baltimore, MD. He needs 90% funding for acquistion and rehab, he will put down 10% plus closing costs. Can anyone help with a lender.
PURCHASE/REHAB ASSUMPTIONS | ||
---|---|---|
% of ARV 55% | ||
After-Repair Value (ARV) | 190,000.00 | |
Purchase Price (Offer Price) | 60,000.00 | 31.58% |
Rehab Costs | 40,000.00 | 21.05% |
Total Holding and Closing Costs | 5,000.00 | 2.63% |
Total Financing Costs | 0.00 | 0.00% |
Total Project Cost Basis | 105,000.00 | 55.26% |
Total Amount Financed | 0.00 | |
Total Cash Commited | 105,000.00 |
PROJECTED RESULTS | |
---|---|
Projected Resale Price | 170,000.00 |
Projected Cost of Sale | 10,200.00 |
Flip Profit | 54,800.00 |
ROI | 52.19% |
Annualized ROI | 156.57% |
Timeline Assumptions | |
Time to Complete Rehab | 2 Months |
Time to Complete Sale = 1 month | |
Total Time | 3 Month |