Hard Money Second?
I bought a duplex in Orlando, would like to make some minor repairs to the duplex and expand to a fourplex. Anybody know of a hard money lender who will do a second mortgage to fund rehab/construction? I have an experienced general contractor, and can keep the LTV to around 70%. Haven't even been able to find a hard money first for this situation on the lender tab, which may work as well. I appreciate any help. Thanks.
[ Edited by bbuilder on Date 12/14/2003 ][ Edited by bbuilder on Date 12/14/2003 ]
Hard money guy's dont like to be 2nd position.
Why not make him in first position?
get enough $$ from a hard money man to pay the first AND fund some of the rehab costs??
[addsig]
What about a HELOC or a contstruction loan??? I'd explore partners and private money as well. HML's are an expensive way to go both by their rate and points. Most of the time they want the control (1st) and around 65% LTV max. Some go higher, but most are around 65%.
Quote:
On 2003-12-14 20:53, bbuilder wrote:
Anybody know of a hard money lender who will do a second mortgage to fund rehab/construction? ..........can keep the LTV to around 70%. Haven't even been able to find a hard money first .....
[ Edited by bbuilder on Date 12/14/2003 ]
[ Edited by bbuilder on Date 12/14/2003 ]
i thought you wanted a hard money guy??
Is this your primary residence?
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B.G. & Wheeler D. LLc Inc.
(A division of: Half Vast Enterprises)[ Edited by WheelerDealer on Date 12/16/2003 ]
This is non-owner occupied, I would like to hold it as a rental. From what I've seen non-owner construction loans are tough to come by. I would be willing to do a hard money in a first position if somebody would be willing to do it... Thanks.