2 properties in Michigan under contract, seeking funding

[Sherri D.]

Hello,

I hope this message finds you well! I have two properties under contract and am seeking funding of $50,000 ($25,000 each) for one or both of these properties.

Property #1

A 4-unit building under contract for $39,000 with $20,000 of rehab that has a calculated ARV of $124,900. I have already secured funding of $46,750 for this project, investor is requiring additional funds of $25,000 to cover remaining costs. Total loan to value only 57% ($46,750 + $25,000/$124,900). I am seeking a 2nd lien position loan, up to 15% APR for 6 months, interest payable whether I prepay or not. Plus an additional 5% of equity payout after loan pay off.

Property #2

A 5-unit building under contract for $105,000 with $30,000 of rehab that has a calcuated ARV of $228,500, total loan to value 59% ($135,000/$228,500). I have already secured most of this funding as well and only need $25,000 to complete the deal. So as with property #1 I am seeking a 2nd lien position loan for up to 15% APR for 6 months as well. Interest again is payable whether I prepay or not, plus an additional $2,000 equity payout at loan refinance.

If interested in both or just one of these deals I do have formal loan proposals complete with profit & loss and cash flow statements, and would be happy to answer any questions you may have.

Thank you!

Sherri Duncanson

[email protected]

(269) 377-3555