Posted by Jamie_Ga on December 14, 1999 at 20:58:02:
How about getting the seller to rebate you some for repairs, Say if you are buying a 100k home for 60k you offer 65k with a 5k rebate at closing for repairs, Then borrow the 65 from hard money, give the seller 60k and have 5k for misc. cost,
not sure if this will work but some of the more experienced will let you know I am sure,
GL2U
Found First “True” Equity Based Lender Today - Posted by Claude (Sacramento)
Posted by Claude (Sacramento) on December 14, 1999 at 16:54:53:
I finally found a bank that grants loans solely on the equity of the property (after repair value - as is value).
My only concern is that they will not allow me to factor in holding costs and they want 10% of purchase and rehab costs down to make the deal.
They are willing to loan 65% LTV on improved value @ 11.49%, interest only payments for 12 months.
Should I let the fact that I can’t borrow the money needed for holding costs scare me off? Or should I seek an outside investor to finance the 10% down plus holding costs?
Please respond! Your advise is well respected and greatly appreciated!!
Thanks.
Claude
Sacramento
Re: Found First “True” Equity Based Lender Today - Posted by Jim Pasquini
Posted by Jim Pasquini on December 14, 1999 at 21:54:55:
I have dealt with some people there in Sacramento, actually Rancho Cordova, that you ought to contact. They will go 70% LTV after repairs (California only, sorry), and since they are actually in the business will finance acquisition and closing costs. I took some courses from them so I may have access to a program that is not for the general public. You won’t know until you ask. If you have to go though the training to get at the funding it would probably still be worth it. You will likely learn something; I would go again. E-mail me for contact information.