All Forum Posts by: Michael Braswell

Hard money lenders do not care about your DTI but do want to know if you have the down payment, closing costs, and 25% of rehab budget to get started. We look primarily at the property and the numbers to determine if it is a good deal. 90% of underwriting is based on the property not the borrower. Use this equation to evaluate how much to offer on a property:

Max offer = After Repair Value x 70% - Rehab Budget

Do you homework on comps to get a good idea on the ARV. Find 3 solid comps that have sold as close to the house as possible within the last 3-6 months.

Set a realistic rehab budget (ask other investors how much does it cost them to renovate a house based on price per sq ft).

Plug in the ARV and rehab budget and DO NOT offer more than this number. You make money on the purchase not on the sell of the property. A lender will fund your deal if you know your numbers.

Apply for a hard money loan that allows you to purchase, rehab, and resell or rent the property. The interest rate and cost is higher than conventional loans but the requirements are less and the closing process is faster.  The loan will be in your business name and won't be reported to credit agencies, which is huge. No W-2s, pay stubs, or tax returns are required. 90% of underwriting is based on the property not the borrower.   Reply if you want more info on a hard money loan.

Another way to raise capital is to leverage your credit (680+ score required) and apply for unsecured loans, which have a 1 - 5 year repayment period.  Check out www.fundingyourbiz.com to learn more. 

100% Financing for Purchase and Rehab

Up to 70% ARV

Min 600 credit score

4 Points, 13% Interest

12 month interest only

Only required out of pocket cost is for loan origination fees and settlement charges

Available in GA, FL, AL, SC, NC, TN, MO, IL, VA, and WI

Call 770-854-2194 or email [email protected] for more details or to apply.

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www.braswellcapitalsolutions.com