All Forum Posts by: Frank Longo

Looking to see if anyone in SE Connecticut know of any good plumbers in the area that they would recommend?

Thanks

Frank

@Mat O'Grady, is there any planned meeting for this month.  I am from the area, invest in the area and will be home for the holidays.

Thanks.

Frank

Paid cash for purchase price and closing

Investors,

Recently purchased duplex that we about to start the renovation on.  We are looking for private / hard money lenders to fund the project.  Below are the numbers.

Purchased: $41,600

Reno: $70,000 - $75,000

ARV: $165,000 based off CMA (will be slightly higher due to value adds)

Rents: approximately $2,500 monthly

Property address: 619 Boswell Ave, Norwich CT 06360

We are looking for a loan in amount of $60k - $75k with a term of one year. Will give 1st lien position. Will refinance with local bank after 6 months at 75% LTV ($122k)

If interested, please let me know.

Thank you.

Frank

yes indeed amount seems too small for most, I am working the private funds angle now with a few different prospects. But my goal is to get one loan for total amount vice spread across a few private money lenders. HELOC isn't available to access until after seasoned for 6 months according to bank, and that would only be for purchase price vice 70% ARV.

We are going to REFI with Charter Oak or Putnam. Both will REFI at 70% ARV after only 6 months of seasoning.

Good Afternoon,

I am inquiring to see if anyone knows of any lenders in Connecticut that would be interesting in loaning on a current deal of mine. I am using the BRRRR strategy and paying cashing for the property and due to close on 4/21. A week later I am refinancing our first BRRRR house with a local bank that we purchased back in October. Below are the details;

Address: 13-15 South A St, Norwich Ct 06360

Purchase price: $43,600 Rehab: $20K ARV: $145k-$150K (per CMA)

Triplex, total rent would be approx $1,900 - $2,200 monthly (already one tenant lined up)

Looking for approximately $30k bridge loan until I can secure loan with local bank once seasoned.

Thanks in advance,

Frank