Experienced investor seeking private funding
Hey All,
My brother and I have a verbal agreement (owner will sign a contract with POF) on a package of properties in downtown Phoenixville, PA all on one parcel. We are seeking $450,000 for a short term (6-9 months) second position loan. The owner has agreed to a purchase price of $750,000, and will hold $300,000 for two years, but will not take second position. If you would prefer to JV for the full purchase price we could do that as well. There are three houses, one duplex and 23 storage units all on one parcel. We will be subdividing all, rehabbing and refinancing them with our bank we have a very good relationship with (Phoenixville Federal). We have spoken with the borough zoning officer, our zoning lawyer, as well as our engineers we've used in the past and all say the subdivision should go through without a hitch. We will do the rehabs and subdivision for $150,000, and property has an ARV of around 1.3M. Any questions please feel free to post or pm. Info on our past deals see
https://www.biggerpockets.com/forums/223/topics/24...
Look forward to hearing from you!
Erich