Good day! I stumbled on a good opportunity and I wanted to ask advice about quick lending resources. A local builder overextended himself and he needs to unload a brand new SFH in order to finish his other projects, multi family houses that he intends to keep for rentals. He ran out of funds and was not able to pay the electric company to hook up the meter. That is the only thing left to complete the house. That will cost about $3000 for the utility install. There was a temporary connection for construction, this cost would be for the permanent installation. He built the house next to this one as well. That house was completed, listed on the mls for 624,000 and is currently under contract. The houses are the exact floor plan, design, interior, etc. the only difference is that the house @ 624 k has the meter installed and he completed a boat dock (approximately 35k to build). I am going to get the house without the meter under contract today for 335k. Both homes are waterfront properties on a boating, sporting and fishing lake in East Texas. Both lots are nearly an acre. I can wholesale the house for a quick profit but I would rather purchase it to resell. My husband is a real estate agent. We have plenty of comps that show that the house could sell for over 500k for a quick sale. I could get more on the retail market if I held on to it until summer, when the lake market in our area really takes off. My question is, what would be my best resource for quick lending? I will buy the house far below the ARV. It is completely finished except for the electrical utility hook up. We currently own our home and we are in the process of renovating a lake house that we plan to hold as a short term rental. We have always used conventional lending, but I would like to get established with a hard money or private lender that I can work with for future investments that can close quickly. I have really stepped up my lead generation and have several sellers who are ready to offload their properties at good prices but I am currently stuck in a place where I need financial resources to make quick offers. I am very conservative with purchase considerations and I feel that this would be a very low risk investment for a lender since there is no remodeling and the house will appraise for far above the price that I will pay for it. Any suggestions for lending resources would be greatly appreciated.
