Yea! I finally have my first investment property locked up. It is in Canyon Lake, Ca. which is a gated lake community with boating, golf, etc. It's a property that was in preforeclosure with a short sale agreement already approved. If the bank doesn't get the money in 7 days they will foreclose on the property. The comps for that size 3,472 sq ft (we used 3,000 sq ft - 4,000 sq ft to get comps for the past 3 months), show a value of $370,000. We adjusted that upwards by $25,000 - $30,000 because it's right on a golf course and has a tremendous view. The property is very clean inside and out. So we are figureing low 400's for a value. We need to pay $300,000 for the property so I need a 75% loan to value loan. Because of the foreclosure date being in a week this needs to fund fast. This loan would be in the first position. I'm looking for a flat interest rate (points)of 12%. I'm going to imediately sell it but if it takes longer than 6 months I can begin to make payments at a 10% rate in addition to the points. I don't want to do that because then the carrying costs start to increase. I would like to sell it in an auction format right away so who ever can help could make their 12% of principal and only have to carry the loan a few months or less. If you are interested please send me a PM (private message). Thank you so much everyone for giving me the belief that a person can actually do this, and even that I can.
Thanks Again! Mike
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Funding For My Fellow Investors!
Hi, this is George a fellow student.
Funding can be one of the most important hurdles to get over.
I am now offering funding solutions to those of you who are interested in this method.
If interested contact me through the private messenger system of this website.
Thanks,
George
100% financing + closing costs + repair funds all rolled into the loan!
Hard Money/Bridge Loan Acquisition & Rehab
No Money Down Program
This Hard Money/Bridge Acquisition & Rehab loan is for individuals and
businesses with credit scores of 680 or higher. The loan closes in 2
to 4 weeks depending mainly on the speed at which borrower responds to
documentation requests. This loan requires minimal documentation from
the borrower.
Most of the fees involved in this loan are rolled into the loan with
the exception of the Broker Fee, this fee is paid with the application
and is refundable should the loan not close. When the Letter of Intent
is issued it will detail all the terms of the loan and include the
closing date. Meet the conditions and the loan closes shortly after.
Area of Lending: California, Illinois, Indiana, Kentucky, Ohio, Pennsylvania,
West Virginia, Texas & Wisconsin.
If you need funding in another state. Let me know and I will check into it.
Property Types: 1 to 4 Units
Co-Borrowers: Accepted, Non-familial O.K.
Closing Time: 2 Weeks or Less
Source of Down Payment: 60 Days Seasoned
Term: 9 Months
Rate: 9.5%
Reserves: 10% of loan amount
Payment Type: INTEREST ONLY
Pre-Payment Penalty: None
Lender Points: 5 to 8
Total LTV: up to 100%
Total ARV: up to 75%
Loan Minimum: $25,000 to $500,000
Credit Score: 680 (Lower Scores Considered)
Document Type: Light Documentation
Title Vesting: Personal or Corporate
Credit Reporting: Defaulted Accounts Only Reported
LTV Includes: Purchase Price, Closing Costs, Repairs
Broker fee: $1,000 (Refundable)