Immediate funding needed in Michigan!

[Sherri D.]

Hello,

I hope this message finds you well! I have two properties under contract I am seeking funding for.

Property #1

A 4-unit building under contract for $39,000 with $20,000 of rehab that has a calculated ARV of $148,200 using the Income Comparison Approach. It is your choice of 1st or 2nd lien position depending on if you would like to fund some or all of this project. If seeking 1st lien position then I am seeking a loan for $59,000 (39.8% LTV) to cover the purchase and rehab costs. I will pay for the 3rd party closing costs. If seeking 2nd lien position I have already secured funding of $46,750 and the lender is requiring additional funds of $25,000 to cover remaining costs (includes lender loan fees). Total loan to value is only 48.4% ($46,750 + $25,000/$148,200). I am seeking up to 15% APR for 6 months, interest payable whether I prepay or not. If 2nd lien position, I am willing to also pay an additional 5% on equity pay out.

Property #2

A 5-unit building under contract for $105,000 with $30,000 of rehab that has a calcuated ARV of $228,500 using the Income Comparison Approach. Again, your choice of 1st or 2nd lien position. If seeking 1st lien position then I am seeking a loan for $135,000 (59.1% LTV) to cover the purchase and rehab costs. Again, I will pay for 3rd party closing costs. If seeking 2nd lien position I have 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 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 provide them to you. Time is of the essence as well as they need to be closed by November 30th. There may be a 5-7 day grace on that if a close date can be solidified before November 30th.

Please do not hesitate to contact me with any questions!

Sherri Duncanson

Evans Investment Company, LLC

[email protected]

(269) 377-3555