Posted by Bruce Milligan on December 20, 2005 at 22:36:49:
You may contact me at milliganinvestments@hotmail.com.
Need Cash Fast - Posted by Bruce Milligan
Posted by Bruce Milligan on December 18, 2005 at 07:17:53:
Need $400,000.00 short term. Have collateral.
Re: Need Cash Fast - Posted by John Corey
Posted by John Corey on December 22, 2005 at 06:55:15:
Bruce,
I read the full thread so far. I am a bit confused.
You say you have 11 years of rehab and RE sales experience. You indicate that there is a F&C lake front property that you can put up as collateral for a $400K loan.
I do not understand why you are not able to present what you need in a more concise and to the point fashion.
You do not make mention of your credit. You seem to have answers to the questions so far. How about presenting a full picture. Based on the little you have said there are options out there. Almost too many so if you can present a more complete picture it will help zero in on what might work best.
You are also asking someone to make you a loan. If you can present a more complete picture you will start to build some trust. If you have 11 years of experience then most lenders or brokers will expect you to know the drill, speak the language and have something that catches their attention so they can quickly decide if they should even bother you with possible solutions.
Some questions to stimulate your thinking.
-
Are you looking for hard money with the associated terms and conditions?
-
Do you have the credit to go a more conventional route (even if non-conforming)?
-
How long do you want the fund? Is this really a bridging solution or long term finance (if you have a choice)?
-
You said you have over-extended yourself. What is the cause (inventory did not sell, unexpected costs from rehabs gone bad, too many good deals came your way all at once)? The question helps the lender understand what got you here so if that is likely to continue. It also indicates where things might be (sales are an issue in the winter or the extra rehab costs are still to come vs. are behind you).
If you want, email me. I do think that a lot more people here could be of possible use once we have a better idea of the full picture. For the most part we are pretty friendly and are not looking to pass judgment. We just need more to go on. Between two people who post to this site there is 57 years or RE investing experience so let the folks here get down to the details and find you a solution.
Email me if you like.
John Corey
Re: Need Cash Fast - Posted by James Harris
Posted by James Harris on December 18, 2005 at 19:40:23:
What for?
Re: Need Cash Fast - Posted by Bruce Milligan
Posted by Bruce Milligan on December 19, 2005 at 10:48:41:
I buy homes and refurbish them and have overextended myself. I need to buy a couple of more properties in order to get out of my dilemma. I have a 6,000sf lakehouse for sale with $500,000.00 equity. Will put up for collateral. Will make monthly payments on short-term note until house sells. Have been selling property for the last 11 years.
Re: Need Cash Fast - Posted by James Harris
Posted by James Harris on December 20, 2005 at 16:26:27:
Could you forward ytour contact information? Thabnk you.