Updated over 8 years ago on .
Still need funding ASAP!
Hello,
This deal is perfect for the individual investor looking to put their retirement (or other idle funds) to work for greater than the market ROI for 2 reasons, timing and the size of the loan. I own a duplex and need $15,000 to finish the rehab on the building for 6 months at 15% APR and 2nd lien position. The ARV of the building is projected to be $125,000 and it currently has a 1st mortgage of $60,000. I am not looking to refinance out of the 1st mortgage as that would take too long and end up being too complicated for what I am trying to do at this time.
The rehab should take 2-3 weeks. I already have one tenant identified and approved, ready to move in once the work is complete and should easily find the other in the 2-3 weeks needed to complete the rehab. After the rehab is complete and the 2nd tenant is identified I will refinance into a long-term note. This entire process should take less than 60 days. I am asking for a 6 month loan for prudence, but also for the investor's ROI. I will pay the interest whether I prepay or not. The faster I refinance the higher the investor's ROI becomes.
If interested, please contact me ASAP as the rehab is happening now, and the 1st tenant is ready to move in.
Thank you!