CASH-OUT AT CLOSING? HARD MONEY? - Posted by Mr Donald (NORVA)
Posted by Mr Donald (NORVA) on November 05, 1998 at 01:54:45:
If you saw an ad like this in your local paper what would you think?
" ALEX/Huntington–2br, 1ba, dup, owner fin, $81500. "
Owners have $38K 1st, will carry balance for 2nd. Currently rented for $800/mo, tenants pay all utilities. Appraisal value: $95K. Also zoned for commercial use. Taxes: approx $970/yr.
They 'll hold a 2nd for $41K at 8.25% for a 5 yr term (30 amort), interest only, with balloon payment of principal at end of term - about $308/mo. The new 1st of $38K should be about 252/mo. Total debt service (PITI) should be $675/mo or so.
Mortgage money for the new $38K 1st is not a problem, but I’m looking for a hard money lender, or a creative solution to cash out at close. I’d like to max out at $54K on the 1st, if possible.
Any hard money lenders in Northern Virginia for this deal? Any creative suggestions also welcome.
Thanks in advance