Updated about 6 years ago on . Most recent reply
$$$ Builder looking for private investor $$$
Im building a house + Studio to keep as rental, but my investor backed out last minute, So before I go to hard money lenders I thought Id post maybe someone will come inn with cash.
House Is located in the best area at North end of booming Tacoma, Ruston, WA. Water view Modern house.
Its a solid deal I spent lots of cash already: 110k for the lot, spent 60k on Plans, Engineering, Utilities: Sewer, Water meter, Electric Transformer. Spent 80k on Excavation Foundation, Framing, All inn so far spent 250k and I need just 150k to finish the house,
House will have 2165 sf with 480 sf studio with separate entry. ARV 650k so your loan will be LTV 23% loan to value.
I found hard money lender at 8% but I had deal with my failed investor at 6% so want to see if I can get another investor who will invest at 6%-?
I'am experienced builder. I expect to finish this project July-August of 2020 than refinance right after so you'll have your money back by September, But if you would like you can roll over your investment into my next project, also new construction in Kent WA, I should get permits by September and will start building in Kent right after.
