financing 1st rehab, what is LTV ??? - Posted by Goodie, Georgia
Posted by Goodie, Georgia on May 02, 2000 at 10:46:02:
I just bought my 1st rehab for 85,000 and it’s worth about $150,000 after fixing up, and I need about $15-18,000 for rehab. I can only get a 65% LTV from my hard money lender and the interest is 18%with 5 points ? Does the after repair value need to be increased ? Can you show me a quick formula to calculate this forwards and backwards, meaning that I calculate the ARV and the cost involved so I can determine what to offer next time, because i think I offered too much. BASCIALLY HOW DO THE NUMBERS WORK ?