Hard Money Lender California
My partners and I are looking for a HML for a 19 Duplex project in Sacramento,Ca.
The value of the property is $6.5 million.
There is a 1st of $2.8 million.
and a 2nd of $240K.
We have the deal under contract for $1 million cash and assumption of the outstanding debt. We would like to borrow the $1 million. Our exit strategy is to retail the property.
Anyone interested please contact:
Joe Brosius (916) 240-2201
Troy Brosius (916) 240-2605
Ernie Baxley (530) 356-0668
You have a contract where you are assuming the financing and want a HML lender to put up $1M, correct?
I think you will find that all the HML folks will want to be in first position which will not work in this deal.
Plan B if you can not pick up the existing finance and use a HML for what would be a 3rd position?
John
[addsig]
I was just speaking with a HML. Here's the deal. They can do a 2nd (stand alone) behind the first but you have to own the property before they will lend you the money. Additionally, they can do the cash out for $1M but the rates are going to be around 11 to 13%.
This is not a quote on the rates. This all would hinge on the fact that you own the property not just under contract. So it sounds like you can assume the first and get the money you need once that is done.[ Edited by waterfront on Date 05/25/2004 ]