NEEDED: HML Lender for a Buy & Hold that needs ~ $70K Rehab

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NEEDED: HML Lender for a Buy & Hold that needs ~ $70K Rehab

Account Closed
Investor · Atlanta, GA · Member since 2017 · 174 posts · 104 votes

Hello Lenders, below are the facts: 

Quad: 9 bed/4 baths

Purchase Price: $85K

Estimated Rehab: $70K 

ARV: $200K- $210K

We have a GC in our team. My Company is putting $15K- $20K in the deal. 

Any HML Lenders wanting to fund this deal? Please let me know and I can share the details.

Thanks, 

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  • Curt Smith
    Rental Property Investor · Clarkston, GA · Member since 2012 · 2k+ posts · 1k+ votes
    9y

    Hi Ab, Atlanta has a lot of lenders off all types. The #1 tip I give is for folks to also join a local REIA. The lenders have tables and give talks where you can learn about their terms etc. Not all REIAs are equal and one in particular I'm helping folks who had bad coaching experiences and lost money.

    BP doesn't allow posting URLs or phone numbers.  Just another reason why we need face to face support from experienced investors in REIAs.   

    You can google the local contacts for Paces Funding, Lima One, Angel Oak...   Most will be 4-5pts and 13% to 15%.   The points are more expensive in a short term loan BTW.

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  • Account Closed
    OP
    Investor · Atlanta, GA · Member since 2017 · 174 posts · 104 votes
    9y

    Thanks a lot @Curt Smith. 

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  • Account Closed
    Professional · Brooklyn, NY · Member since 2017 · 624 posts · 147 votes
    9y

    @Abhishesh Acharya  Did you get any offers? It is quite some risk at 5% net. Are you selling this post rehab?

    ARV $200,000
    70% LTV $140,000
    Purchase Price $ 85,000
    Rehab Cost $ 70,000
    Purchase+Rehab $155,000
    Down Payment $ 15,000
    Monthly Pymt @ 12% $ 1,550
    Total Finance Charges 6 months $ 9,300
    Loan Points @ 3% $ 4,200
    Realtor Selling fees 5% $ 10,000
    Misc carry, selling, closing cost $ 6,000
    Sales Price $200,000
    Total Cost $184,500
    Pre Tax Profit $ 15,500
    Cap gain + SE Tax 30% $ 4,650
    Net $ 10,850
    Net / Total Cost 5.88%

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