No, it is just as you thought. It is 70% LTV on either purchase price or appraised price (I can’t remember which one. My partner has the details). It wasn’t a WLOC, so I assume it was a 1 by 1, but I’m not really sure about your nomenclature. We would actually like to establish Commercial lines of credit to allow growth and do multiple deals. Don’t be offended, but I’m not a workshop/seminar guy, too busy with the family/kids/profession. I’m sure this is a “for profit” type of workshop? If so, do you have a discounted “Cliffnotes” version for home study?
Thanks,
Mark
hello,
I have an LLC with 1 partner. We are looking at a rehab property. We want a loan that will allow us to put up as little of our own cash as possible, so we can save that for the rehab costs. We want a loan through the LLC. What are the options? We both have good income, DOCS, credit scores. We expect a 3-5 month property turnover. Specifics on where to go in PA would be helpful.
Thanks,
Mark
Re: PA - rehab $$ needed for LLC - good credit - Posted by Ed Garcia
Posted by Ed Garcia on April 08, 2004 at 11:11:54:
You haven?t given us the parameters of how you buy, your expected ARV etc.
But based on what little information you have given, to start you out, a good company to work with is Rehab-Funding. For more information look around this site. If you can?t find it come back to the board and I will get you Bob Beckman?s number. I have it at my office at work and at the moment I?m answering your post from my office at home.
Ed:
Thanks for the response. I’m already in contact with Bob…I have done some research on the board. I’m interested in other avenues as well, not just hard money. What is the best a traditional lender will do for investment properties, not necessarily rehabs? We’ve gotten offers of 70% LTV from local banks to be funded through our LLC, but we’d like to do better with regard to upfront out-of-pockets costs. We do not mind personal guarantees.
Thanks again for any advice,
Mark
Re: PA - rehab $$ needed for LLC - good credit - Posted by Ed Garcia
Posted by Ed Garcia on April 08, 2004 at 12:06:58:
Mark,
When you say the bank will give you 70% LTV, I hope you mean After Repair Value not Purchase Price.
Also you don?t specify if the bank is offering you a WLOC (Working Line Of Credit) or wants to do a 1 by 1.
At any rate Bob Beckmen is good for a new investor who wants to get up and going in Rehabing right a way, and I do a workshop to help the serious investors who want to establish Commercial lines of credit with banks to grow and do multiple deals.
I hope things work out for you and wish you the best,