Hard Money Lender LTV

Comments(6)

• 
  Colinlb2nd March, 2004

  65% of the estimated value after rehab on the property.[ Edited by Colinlb on Date 03/02/2004 ]

• 
  NYdeveloper2nd March, 2004

  thanks for the help. I have another question. Does anyone know of a hard money lender that will not require monthly interest payments. Credit score is not great (about 550) but the house I have in mind is owned free and clear and the homeowner only wants about 25% of the current appraised value. Need to move fast on this. Homeowner leaving state. Thanks in advance

• 
  m_anderson_1012nd March, 2004

  maybe you could take control of the property, create a small note adn sell it, then use the loan to make the small interest payments while rehab is underway and until you sell/refinance?
  
  May help.
  Good Luck

• 
  NYdeveloper2nd March, 2004

  excuse me in advance for my ignorance but what do you mean by create a note and sell it. Taking control of the property is not a problem. I've discussed with the homeowner ways to get the property. one way is of course to Buy her out using a hard money loan that would cover purchase and rehab and the other way is for me to pay a small down payment and have the seller take a mortgage for the remainder (no payments for six months) and a portion of the resell profit. The only problem with the second way is I still would have to find the money for rehab. I know I wrote a lot but I would really appreciate any help. Getting excited about this deal

• 
  reibyme2nd March, 2004

  took control by getting the title in your name.(deed it over to you)

• 
  NYdeveloper3rd March, 2004

  m_anderson_101 wrote:
  
  maybe you could take control of the property, create a small note adn sell it, then use the loan to make the small interest payments while rehab is underway and until you sell/refinance?
  
  what do you mean create a small note and sell it. How would I go about doing this and where can I get further information about this technique