75% LTV of Subject to Appraised Value for Rehab - Posted by Mike

Posted by Mike on October 18, 2002 at 15:39:12:

I am near Columbia.

75% LTV of Subject to Appraised Value for Rehab - Posted by Mike

Posted by Mike on October 18, 2002 at 12:01:00:

I am in South Carolina. My credit score is 750 plus, and I am looking for lender who will lend 65% to 75% of a Subject to Appraisal. I have less than 3 months experience as an investor. There are several properties that I am interested in. They are priced at around 50% of market value. For example; a $50,000 price on a home that could appraise for $100,000 with some minor rehab and curb appeal. The $65,000 to $75,000 loan would cover the rehab and provide a little money cash out. I have already learned about one such program. It costs 6-7 points up front, and the interest rate is 12% APR for a 6 month term. They do not want to hold the note. They will lend to me in my business name (with a personal guarantee) even though it has only been in existence for a couple of months. If my intention is to sell the properties as soon as the rehab is complete, does this make sense or are there other options for the same type of program? Hope this is enough info.

Re: 75% LTV of Subject to Aue for Rehab - Posted by tyler, nc

Posted by tyler, nc on October 18, 2002 at 13:13:19:

are you near charlotte?