All Forum Posts by: Sherri D.

Hello,

The financing I had to refinance a 5-unit I own fell through so I am looking for a very short-term 45-day loan to purchase the note so I can secure other financing for the building. There are several other options for financing, but the close process will take 30-45 days and the note purchase needs to happen on or before Monday, October 29th.

I am asking for a $206,000 loan to purchase the note for up to 45-days and am offering a 10% effective rate, principle of $206,000 and interest of $20,600, $226,600 total will be due at the end of that up to 45-day period at the close of the new financing.

I am happy to provide appraisals, etc. and provide any other information and answer any questions. Time is of the essence so please email me at [email protected] or reply to this post ASAP.

Thank you!

Sherri

Hello, hope you are well! I am looking for a credit partner for a line of credit I am looking to secure for my company. My credit has been increasing, but it is not quite at the level I need it to be to qualify for this line of credit. The lender requires 700 and I am 25-50 points off. My company buys, rehabs, rents and refinances multi-family buildings and fix and flips SFRs. I currently own 6 multi-family buildings, 3 of which are rehabbed and rented and 3 that are in rehab. And I have a SFR under contract to fix and flip.

I am seeking the LOC to assist with the rehab/refi of the 3 remaining multifamily buildings and purchase the SFR. As I said, I have 3 buildings already that produce gross rent. I am offering 1% of the awarded LOC amount to start plus 10% of the gross rents collected monthly from my buildings. This will, of course, increase as the remaining 3 properties are rehabbed and rented.

As stated above, the credit partner must have a credit of 700+, have a mortgage for 3+ years, have a credit card for 2+ years and no liens, delinquencies, bankruptcies or collections in the past 2 years.

If interested, I would love to explain more about my company and what the LOC would be used for. As my credit increases past 700 I will be able to transition the credit partner off. I expect this to take 2 years. I only need a credit partner for the LOC, all other financing matters I have lenders lined up. This is a business line of credit so it would not report on the credit partner's credit report.

Please email me at [email protected] or reply to this post if interested.

Thank you!

Sherri

HI Alex, the new lender would have 1st lien position. I expect to, and am prepared to, bring money to the table that won't be secured by the property.

I have a property that just want to foreclosure sale a couple days ago. Joys of having tenants that don't pay. I am kicking out the tenants and plan to redeem the property, but does anyone know a lender that does redemption financing? I have 6 months to redeem.

Hello,

I have $123,900 of equity in 2 properties and am looking to access $30,000 of it. Because the size of the loan is so small for institutions (even private lenders organized into institutions) this is perfect for someone just looking to put their funds to work. I have appraisals substantiating the value of the properties and am willing to offer 2nd lien position and 15% APR for a 1 year loan.

I would be using the funds for various projects and working capital and would be happy to further discuss with anyone interested.

If interested please respond to this post, but a better way to contact me is through email at [email protected].

Thank you!

Hello,

I am looking for a working capital loan to be secured by properties I own in Michigan that have $124,400 of equity in them at 65% LTV. I need access to $30,000 of that equity in a 2nd lien position loan.

Hello,

This deal is perfect for the individual investor looking to put their retirement (or other idle funds) to work for greater than the market ROI for 2 reasons, timing and the size of the loan. I own a duplex and need $15,000 to finish the rehab on the building for 6 months at 15% APR and 2nd lien position. The ARV of the building is projected to be $125,000 and it currently has a 1st mortgage of $60,000. I am not looking to refinance out of the 1st mortgage as that would take too long and end up being too complicated for what I am trying to do at this time.

The rehab should take 2-3 weeks. I already have one tenant identified and approved, ready to move in once the work is complete and should easily find the other in the 2-3 weeks needed to complete the rehab. After the rehab is complete and the 2nd tenant is identified I will refinance into a long-term note. This entire process should take less than 60 days. I am asking for a 6 month loan for prudence, but also for the investor's ROI. I will pay the interest whether I prepay or not. The faster I refinance the higher the investor's ROI becomes.

If interested, please contact me ASAP as the rehab is happening now, and the 1st tenant is ready to move in.

Thank you!

Hello,

I am looking for a $15,000 loan to rehab a property I own. The ARV is projected to be $125,000, with the 1st mortgage and this rehab loan it would be 60% LTV. So this would be a 2nd lien position loan, 15% APR with a 6 month term but the turn around would be at the end of October, middle of November at the latest. So in reality I would be paying $1,575 for a 45 day loan. The catch is proceeds of the loan need to be dispersed within 7 days to keep with this timetable. Work needed to complete is clearly identified and should only take 2 to 2 1/2 weeks to complete. One tenant is already identified and is waiting to move in, the other will be identified shortly. If interested please contact me ASAP!

Thank you!

Thank you everyone for your insight. I did find out that the seller is not aware of any meth or drug activity. I will double check that with the City to make sure. The building has been vacant for some time. I drive by it every day because all my other rental units are within walking distance of each other and this building as well. So I'm not sure how much "old" traffic there would be given how long it's been vacant. But that is definitely something to think about as well! Thank you! Any other thoughts please post!

I am researching a 17 unit building that might have a history of meth or other drug activity. I plan to rehab the property, rerent the units and hold it for a number of years, at least 15 or so. If it has a drug history would that affect the value? Are there any special rules regarding previous drug houses? Have any investors in this forum invested in previous drug houses?

Thank you!