Posted by Ben Carmona on March 13, 2006 at 16:15:48:
A hard money rehab loan would definitely cover this.
Do you have any federal tax liens?
This should be ok if not.
Sent you an email
Need Hard Money in Cleveland - Posted by Eric
Posted by Eric on March 13, 2006 at 14:21:45:
I found a property that is listed with a realtor. They are asking $35,000, but there are 4 other houses for sale on the street on that same block, so they won’t get near that much. The comps are in the $85,000 and $95,000 range, and the neighborhood is decent (read as it will take some time to sell, but it should sell quicker than some areas in Cleveland). The house will need work. I haven’t been inside yet, but assuming it needs a total rehab inside, it will need around $20-25k in repairs, since the outside looks pretty good. I need to find a hard money lender to lend me 70% LTV that doesn’t consider my credit. Any help would be greatly appreciated.
Re: Need Hard Money in Cleveland - Posted by John Corey
Posted by John Corey on March 14, 2006 at 24:31:14:
Eric,
You are pushing the limits.
There is a hard money lender who advertises on this site who will go to 70% LTV but expects to pull your credit, wants to see cash reserves, etc.
If you want no credit checks, cash for repairs then expect to get an appraisal and potentially reduce the LTV.
Note that the numbers are not that obvious. You are saying a property is listed and the comps support something like 2x the listed price. Either the property needs a lot of work or the comps are off. Get inside to nail down just what it will take to do the work and check the comps carefully.
John Corey