Too bad…I keep reading these articles from guys like Richard Roop where they overborrow and pocket the cash…not what I want to do, but was hoping there were still HMLs that cut checks for 65% and let you do your thing…wishful thinking?
I have seen a 7/2 Victorian 3164 sq ft in Pittsburgh, PA (Knoxville, to be exact) for $15k. Other comps are from 68k to 445k, but none of the other places are comparable to 7 beds…probably needs 60k-75k (maybe less) but could sell for much more.
If you need more info, email me.
Any thoughts on this, let me know. This would be my first property, and I would be enthusiastic and energetic with this flip!
go to redevelopmentlending.com, omni natl bank, they have an office in Germantown, philly, pa. they can do 65% of after repaired vale, essentially 100%.
Thats must be real new- but anyway think about this.You have a property 120k ARV,65% is 78k,buy price 36k-needs 25k for repairs CC 5k = 66k total,78k -66k - 3600 leaves you 8400 cash back in your hand!!this is allowed by Omni bank. Nice 100%+ financing rehab deal. Very popular loan program in Philly, Pa where there is plenty of inventory of rehabs.
Re:100%+ rehab deal is out there - Posted by Ben Carmona
Posted by Ben Carmona on July 24, 2007 at 09:03:05:
They dont do it like that now. 10% down is not the minimum. Yes, very recent within the past several months. Omni hasn’t changed their website either. You may need to call them and ask them for their updates.
Also it’s very uncommon that a hard money lender would give cash back above the itemized repairs needed. Most hard money lenders work of reimbursements for work completed and inspected.
Go to www.TheHardMoneyDepot.com They offer no money down 70% ltv. They even have 3 and 6 month deferred interest no payment plans. They come through in the clutch too, havin closed 13 deals for me throughout a 2 year period.