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Updated over 4 years ago, 06/09/2020
Financing Terms on a Flip - Is this possible?
Hello BPs,
Here is the Scenario..
-Property purchased and rehabbed with hard money. (No loans tied to the property) ARV 105K based on recent comps.
-Property is under LLC name and purchased 2 months ago in Tulsa Oklahoma.
-Tenant in place on 1-year lease effective 1 month ago.
Trying the secondary market it appears that we would need to hold the property for at least 6 month, would have to settle for 75% LTV ratio, and may not be able to finance under the LLC name.
The question... would we be out of the ball park for when trying to finance the property on a 30 years note, Fixed rate, under the name of the LLC, and on a 80% LTV ratio?
Thank you all!