Posted by Jaye Miller on September 19, 2003 at 14:36:48:
I would like to qualify for commercial &/or residential hard money loans for properties in Brooklyn, New York to get started in investing here. I’ve documented over 400 properties in a specific area and am getting stronger leads now. I would love to make an offer on at least a couple of these and know where the money is going to come from in advance. I’m not uncomfortable with a 6-month to cover rehab and later flip the property for close to market value &/or refinancing near the end of the loan term with a healthy rent roll. I would also perhaps like to lease option a SF with hard money proceeds, if possible, from one of the above loans. Who covers the purchase price and renovations for short (6-month) terms based on the finished value, or 75-80% of finished value?