Posted by mike on March 05, 2002 at 14:10:53:
Hey you guys i would like to get both of these names Kim and Jim.You should be thankful you have these contacts wish i had one right now.
Rehab Loan Question??? - Posted by Jim C.
Posted by Jim C. on February 28, 2002 at 07:18:50:
I have been investing in the “buy and hold” side of RE for over a year now, and have a few deals under my belt. But I am looking to build up my cash reserves a little quicker. I know rehab flipping is the answer. I have landscapers, electricians, handymen, etc. at my disposal who will work at a discount for me. I have hard money lenders I’ve spoken with so I have an idea of the terms I can expect.
The possible loans that I was speaking of are 1 year loans specifically for rehabbing properties and reselling. I’m looking for 65% ARV loans around 8% interest, low points, and no pre-pay penalties. I also would need to close very quickly on the loan. Are there any offers out there better than this??
Re: Rehab Loan Question??? - Posted by Kim (FL)
Posted by Kim (FL) on March 01, 2002 at 17:16:49:
That’s a GREAT deal. We just had one private lender give us a presentation and he want’s a ROI of 10%! So - if we borrow 105,000, we need to pay him that plus 10,500. The catch is that he wants that return regardless of whether we hold his money for 6 weeks or 6 months. I have a feeling that if we turned that fee into an annualized rate he could be considered an illegal loan shark. 
BUT - we don’t care because it’s hard to find private lenders. We’re trying to find better but I still say that’s competitive for a quick rehab no questions asked loan. This guy doesn’t even look at the property he just gives us the cash the day we tell him we need it. So anyway – you have yourself a GREAT deal! Can I have his name?