sure is.. mainstfinancial.net is a hard money lendor at 17% and I also know a lendor who will lend the house plus repairs with 10% down at a rate of around 7%.. Then you can get the house reappraised and take a new loan for the new appraisal and cash out the difference, then lease option the house
there are a lot of them that will do it. The question is why would you want to. If it is that bad of shape, unless he is a friend, let it go to foreclosure and get the price down. There will be more profit if it is bought at pre foreclosure or after foreclosure.
Already waaay into foreclosure and already working with the 2nd lien holder for a discount....the owners are the people that want to fix it...I was inquiring on their behalf.
Yes, there called 125 2nd's. This is a loan were you can borrow 125% of the appraised value. I just looked at a rate sheet from one of my lender that says you must have minimum 620 FICO and $2,000 per month disposable cash to qualify.
sure is.. mainstfinancial.net is a hard money lendor at 17% and I also know a lendor who will lend the house plus repairs with 10% down at a rate of around 7%.. Then you can get the house reappraised and take a new loan for the new appraisal and cash out the difference, then lease option the house
there are a lot of them that will do it. The question is why would you want to. If it is that bad of shape, unless he is a friend, let it go to foreclosure and get the price down. There will be more profit if it is bought at pre foreclosure or after foreclosure.
Good luck,
Kyle
Hey Kyle,
Already waaay into foreclosure and already working with the 2nd lien holder for a discount....the owners are the people that want to fix it...I was inquiring on their behalf.
Thanks,
Clif
Yes, there called 125 2nd's. This is a loan were you can borrow 125% of the appraised value. I just looked at a rate sheet from one of my lender that says you must have minimum 620 FICO and $2,000 per month disposable cash to qualify.