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Updated almost 9 years ago on . Most recent reply

Hard/Private money sought: Construction rehab, < 40% LTV
I own a 4bed 3bath 2,000sf single family home in Grass Valley, CA that has been rented for the last 2 years. 1,500sf is a 1973 manufactured home, the other 500sf and the garage are site built. Since the manufactured portion was built before '76, banks won't lend on it.
The plan is to remove/demo the manufactured portion, and site build it back. The work will cost approximately $240k, and the finished product will have a value of approximately $650k.
I am looking for a hard or private money construction loan, to fund the $240k in renovation costs (approx. 37% LTV). I own the property outright today. I have a 720 or so credit score, a 6-figure income, and 7-figure net worth, so the borrower profile looks excellent.