All Forum Posts by: Sherri D.

Hello, what if I wanted to refinance the property instead of sell it? I buy, rehab, rent then refinance my properties. I've done joint ventures before with profit sharing on the end, but instead of selling the property, I refinance the investor out. Are you open to something like that?

Hello, I own a duplex with an ARV of $156,000, one side fully rehabbed, just needs minor repairs before rerenting, the other side needs the rehab to be completed. Offering 1st lien position for a $95,000 loan to refinance and rehab the property 18% APR for 6 months. Or offering 2nd lien position for just the rehab portion which is $20,000, 18% APR for 6 months. I have a detailed loan proposal for those interested and would be happy to answer any questions you may have. Thank you!

Hello, I have a 9-unit building I am purchasing with an ARV of $656,300, total project cost $403,390 only 61% LTV. I am looking for a private investor for $80,000 looking to put their money to work for them at 18% APR for 1 year to fill in the funding gap on this project, 2nd lien position. 1st lien position is available if the entire $403,390 was invested, but would have to offer 15% APR. So $80,000, 2nd lien position, 18% APR or $403,390, 1st lien position 15% APR. I have a detailed loan proposal available to those interested and would be happy to answer any questions or provide any other information. Thank you for your consideration!

Hello, I own a SFR free and clear, as-is value approx. $20,000 and I am seeking a $20,000 loan to complete the rehab, ARV approx. $65,000. I am asking for a 6 month loan at 20% APR with monthly interest payments and a balloon payment at the end. Full 6 months of interest paid whether I pay off the loan early or on-time. If interested please respond to this post or email [email protected]. Thank you!

Doran is right, most hard money lenders have a minimum loan amount of $75,000, some $50,000, but there is one that might go that low. Try Cogo Capital. They are expensive with fees and escrow requirements, but they might do the loan.

The property has a 1st mortgage against it at 75% LTV. That still leaves $42k of equity but I'm not sure a lender would do a higher LTV%, but I can ask! Thank you!

And I will contact the utility company per the other idea. Thank you!

Hello, I have a cash flowing 4-unit with 4 2 bedroom/1bath units 100% occupied that I am looking for funding for a boiler replacement. I tried getting an equipment loan and no go. If anyone knows of a funding source for this type of situation, please respond to this post ASAP. The building has $42,000 of equity, the boiler should cost $7,000 as there is some pipe replacement needed as well. After the 1st mortgage debt service payment it cash flows over $1,100/month. I am either looking for an loan from a lending institution that covers these types of things, or a private individual looking to put their money to work for them at a higher than market interest rate to anywhere in between. I have other projects going on that when I refinance I could easily repay the loan. If interested please contact me ASAP at [email protected] or respond to this post. Thank you!

Hello Everyone, I have a building that needs the boiler replaced ASAP! Does anyone know of any funding sources out there for that? I tried to get an equipment loan and no go! This is a 4-unit building with 4 2 bedroom/1 bath units 100% occupied, in kind of a blighted area of the city. I'm wondering if there are any social service agencies that might help with this. The building is in Southwest Michigan. Any advice pointing to a funding source would be greatly appreciated! Thank you!

Hello,

I am seeking a $20,000 secured working capital loan for 2 projects. The $20,000 will be secured by a stable cash flowing building that was recently refinanced so I have an accurate appraisal assessing value. I have $42,000 of equity in that building and am looking to utilize 1/2 and am willing to offer 2nd lien position at 20% APR, interest only payments for 1 year, principle paid at the end of the year. The first duplex is under contract with an ARV of $104,000, purchase and rehab totaling $60,000, 100% of the purchase, need $8,000 more to close. Projected annual gross rent and NOI are $20,400 and $14,000, respectively.

The remaining $12,000 will be used to complete the rehab on another duplex I already own with a 1st mortgage of $60,000 and ARV of $155,000. One side is complete and rented, the $12,000 will be used to complete the other side. Projected annual gross rent and NOI for the entire building is $27,000 and $20,000, respectively.

The $20,000 loan is perfect for someone wanting to put their money to work for them for a greater than market return. It will be repaid with the refinance of the 2 projects. I have a detailed loan proposal available if interested. Please respond to this post or email me at [email protected]. Thank you, Sherri

Hello, I have under contract a 9-unit project in Michigan, purchase price and rehab approx. $370,000, ARV of $545,000, 67% LTV based on the ARV. I am seeking an investor for $75,000 as down payment assistance and working capital at 20% APR for 1 year. Interest only payments and balloon at the end of 12 months when the property is rehabbed and rented. I have a detailed project proposal for those interested. This opportunity is perfect for someone that wants to put their funds to work for them at a better market return, secured by real estate. If interested please respond to this post or email at [email protected]. Thank you!