Posted by Hugh on November 09, 2000 at 23:19:09:
Thanks dew, I will re-post in the correct section.
Hugh
ED…HELP PLEASE!!! - Posted by Hugh
Posted by Hugh on November 09, 2000 at 15:03:27:
Ed, I have a seller facing foreclosure 11/18/00 who would do anything to save her house. I do not see any way she can remain in the house without refinancing her present loan. I would like to purchase this property and then flip it but my credit is not good. Do you know of any hardmoney lenders that may be willing to underwrite this deal? Here are the figures:
Existing debt: 74,500 (excluding atty. & per diem etc)
FMV : 125,000 - 135,000 (after rehab)
Rehab : 5,000 and under
Still waiting on bank to give up-to-date figures on how much it would need to bring loan current. Do I have a deal here?
Thanks in advance,
Hugh
Re: ED…HELP PLEASE!!! - Posted by dewCO
Posted by dewCO on November 09, 2000 at 22:13:31:
You need to tell Ed where the property is, and Ed is on the financial/cash flow part of this board, more than right here lately.
Go back and find a prior post of his an email him from that post, but get on the phone on find a lender.
However, you may be tight, JUST doing this with hard money, as they usually only lend up to 65% of value. Need to know what is needed for the final pay off. I’ve always hear, to use $5-$10,000 for the interest, penalties, etc.