All Forum Posts by: Joe Shields

Looking for a lender/construction loan for the renovation of a historical home's interior and exterior, construction of a DADU, and pool installation. Anyone know of a lender offering 75% ARV?

PROPERTY DETAILS:
Status: Own
Location: Nashville, TN
Property Type: Residential Luxury
Historical Registration: Yes, Built in 1908

SIZE/FEATURES:
Lot Size: 0.25 acre
Home Size: 5,000 sqft
Bedrooms/Bathrooms: 5 bed / 5 bath
Garage: 2 car, detached

VALUATION:
Remaining Lien: $1,490,000
After Repair Value (ARV): $3,600,000 - $3,800,000

LOAN DETAILS:
Loan Amount: $1.1M - $1.2M
Interest Rate: -
Term: 12 months
ARV Percentage: 75%
Construction Financing: Covers 100% of Construction Costs

I appreciate it Chris. Would love to connect on some other projects. I’ll reach out via your website 

 Alternative or replacement to the 70% loan if can close by 2.9

I am currently working on acquiring a commercial vacation rental property, which I plan to transform into an 18-suite boutique hotel, complete with a public bar/restaurant and a pool. However, I'm facing a shortfall: I need an additional $300,000 for the down payment due to a delay in cash-out refinancing on three of my properties. These refinances won't close until February 23rd, unfortunately after the purchase deadline of February 9th. Ideally, I would need the cash for only 14-15 days, though I am open to longer terms if more favorable for the investor/lender.

To finance this acquisition, I've already secured a loan at 70% LTV and plan to contribute $500,000 of my personal funds towards the down payment. To make the deal more attractive, I am willing to offer a first position if the lender/investor can ensure closure by February 9th. The property is valued at $3,000,000 but is under contract for $2,500,000, providing instant equity of $500,000 upon closing.

I am actively exploring ways to quickly secure the required $300,000 and am considering various strategies, including negotiating with lenders or partnering with an investor. Additionally, I am prepared to offer either a first position on the loan or cross-collateralize with my portfolio of seven vacation rentals, valued at approximately $12 million, with $6.5 million in available equity and generating $1.4 million annually in gross rents.

Given the potential of this project, combined with my experience and the collateral available, I seek advice on approaching potential lenders or investors and effectively negotiating terms within such tight time constraints. Any insights, experiences, or contacts you could share would be immensely valuable.

I am currently working on acquiring a commercial vacation rental property, which I plan to transform into an 18-suite boutique hotel, complete with a public bar/restaurant and a pool. However, I'm facing a shortfall: I need an additional $300,000 for the down payment due to a delay in cash-out refinancing on three of my properties. These refinances won't close until February 23rd, unfortunately after the purchase deadline of February 9th. Ideally, I would need the cash for only 14-15 days, though I am open to longer terms if more favorable for the investor/lender.

To finance this acquisition, I've already secured a loan at 70% LTV and plan to contribute $500,000 of my personal funds towards the down payment. To make the deal more attractive, I am willing to offer a first position if the lender/investor can ensure closure by February 9th. The property is valued at $3,000,000 but is under contract for $2,500,000, providing instant equity of $500,000 upon closing.

I am actively exploring ways to quickly secure the required $300,000 and am considering various strategies, including negotiating with lenders or partnering with an investor. Additionally, I am prepared to offer either a first position on the loan or cross-collateralize with my portfolio of seven vacation rentals, valued at approximately $12 million, with $6.5 million in available equity and generating $1.4 million annually in gross rents.

Given the potential of this project, combined with my experience and the collateral available, I seek advice on approaching potential lenders or investors and effectively negotiating terms within such tight time constraints. Any insights, experiences, or contacts you could share would be immensely valuable.

Looking for a private lender to provide a line of credit or cash up to $300,000 as part of the down payment for acquiring a commercial vacation rental property. I am open to offering collateral on my current portfolio (details below). I plan to transform this property into an 18-suite boutique hotel, complete with a public bar/restaurant and a pool. Unfortunately, I'm facing a $300,000 shortfall due to a delay in the cash-out refinancing of three of my properties, which is not scheduled to close until February 26. This schedule does not align with the boutique hotel's purchase deadline of February 9, a deadline the seller refuses to extend. Can payback loan within 30-45 days.

To finance this acquisition, I've already secured a loan that covers 70% of the property's Loan-to-Value (LTV) ratio through a first lien. Additionally, I plan to contribute $550,000 of my personal funds towards the down payment. The property, currently under contract for $2,500,000, has been appraised at $3,000,000, providing $500,000 of instant equity upon closing.

Given the urgency and narrow timeframe for securing financing, I am open to negotiating terms that are more favorable to the lender, including higher points, interest rates, and a longer repayment period.

This boutique hotel, located in a prime area of Downtown Nashville, represents a lucrative investment opportunity. To give you an idea of my financial standing and experience in this industry, I manage a portfolio of 7 vacation rental properties valued at an estimated $12,000,000, with $6,500,000 in equity and generating a gross annual revenue of $1,400,000. My personal income is $200,000.

This project offers a significant opportunity for both myself and a potential lender, providing a secure investment backed by substantial equity and a proven revenue track record.

I am eager to engage in discussions and negotiations regarding the loan terms. If you are a private investor in search of a promising opportunity, or if you know someone who might be, I encourage you to get in touch. Time is critical, and I am ready to proceed with a partner who recognizes the potential of this project.

Thank you for considering this exciting opportunity.

@Joshua Silver in what event would they freeze a 1st position HELOC? 2nd position is far more likely to be frozen.

Looking for lenders/banks offering 1st Lien HELOC on a primary residence (jumbo loan). Located in the Nashville area.

A family member of mine is looking to purchase his first home in the Orange County California area. He is looking to shop around for mortgage rates and I told him I'd reach out to the Bigger Pockets community. I have a great list of small local bank connections in my network here in Nashville and a great community of investors I can count on through a Facebook group but don't have the connections in California. 

He is looking for the lowest possible monthly payment to purchase his home. More details below:

Home Type: SFH
Loan: Primary, First Time Homebuyer
Credit: 750+
Downpayment: Less than 20%
Location: Orange County
Rates: 3.375% or less

Thanks,
Joe

@Korey Yelton the properties are located in Nashville, TN. One of the homes will be a primary and the other an investment property. Planning to put down around 10% for the primary and 20-25% for the investment.