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Updated about 19 hours ago, 12/22/2024
Locating Gap Funders?
Hi there, name’s Yonathan (per my profile…)
I am trying to gain insight on the best strategies to pinpointing investors/lenders that are able to do secure gap funds.
I have a GC friend in PA trying to request 196k, as a "gap" to supplement whatever the HML cannot cover. 20% ROI, 6 months.
It is secured with
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Controlled Interest: We include our investors as a 51% controlling interest member on the borrower’s operating agreement. This gives them significant control and security.
Joint Venture Agreement with Personal Guarantee: We establish a Joint Venture (JV) agreement that includes a personal guarantee, providing an additional layer of security for our investors.
Memorandum Filing: We file a memorandum in the county where the property is located. This ensures that when the borrower exits, the title company is aware of the JV agreement, further protecting the investor's interests.
I’m just blown away at how hard it is to find people to do this since it quite honestly is a solid deal with the ins-and-outs planned out already.
Tips?