Posted by Joi on April 24, 2005 at 01:34:10:
I am on my 3rd rehab property right now and just got a lead from one of my wholesalers about a mansion that is 1.3 million for purhcase and 2,058,000 ARV. After crunching numbers the house is 64% under market value. It has a great location and he numbers are good and after doing my due dillgence the deal looks pretty sound. My question is… I have been using private funds for my rehab deals that have cost no more than 26k to purchase. But now I know that I will have to find a hard money lender to fund something like this and since I bought all 3 of these properties within the last month they haven’t sold yet. I don’t think I have enough liquid capital or high enough income to show and my credit is only in the low 600’s. How do I find funding for something like this? Do lenders usually require more experience for a deal this high? If someone could advice I would appreciate it.