Looking for Private Lender 72% of value

[Jim M.]

I have a property under contract here in Charlotte and looking to see if I can attract a private lender.

This is a 850 sq foot home that I will be adding 1400 sq feet on to the home or more than likely demo and build new. The final product will be 2200 sq feet with 4 beds and 3 baths.

I am doing the home next door already which is a similar project but there was a larger existing footprint of about 1400 sq feet and we have added more than 800 sq feet up stairs and it will be a 4 bed 3 bath home when complete with detached garage(garages are rare in this neighborhood) We are almost framed up with shingles going on roof tomorrow and siding next week.

I have already done one home in this neighborhood one street over which was a total gut rehab. It was 2500 sq feet 4 bed 3 bath home with purchase to close under 6 months...the home was built in 1885 so it was extensive which caused the rehab to go a bit longer then we thought.

148k purchase price
190k budget
338k all in

arv 460-470

compt 5 doors up 2200 sq feet with 3 beds 2 baths closed 4-25 at 458k 2 days on market under contract 1k under asking price. With my house next door and two other homes on the street being renovated we believe we can push into the 460's.

I do have a hard money lender who would close but I am looking to see what private money is available here on BP. I have the home next door going and two others all funded by a private lender going right now. I can show before and after pics of other houses I have rehabbed over the past year.

Let me know what you guys think.