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Updated over 7 years ago,

User Stats

19
Posts
6
Votes
Christine Kwasny
  • Rental Property Investor
  • La Cote, Switzerland
6
Votes |
19
Posts

Seeking 90-day $350k loan for 40% of purchase on 4-plex

Christine Kwasny
  • Rental Property Investor
  • La Cote, Switzerland
Posted

I am under contract to make a cash purchase on a 4-plex in the Portland, Oregon market for $800k.  

I can fund the project myself, but would prefer to get a short-term hard-money loan for approximately $350k for 90 days or less, since I plan to immediately finance the property at the purchase price upon taking possession.  I have a relationship with four conventional mortgage lenders that have assured me that they can close on this deal. 

I would ideally like a LOC backed my existing rental property(ies), some of which have substantial equity, but that seems to be impossible in today's credit market.

Some basics on this deal: 

contract purchase price: $808k.  Due diligence will be completed by the end of this week (Friday, July 7).  

value-add short-term improvements: ~$80k

long-term capex improvements (non urgent): ~$90k

post-rehab value: $1.1M at 14GRM

Please message me if you are interested.  Thanks!

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