Peyman, You are looking for approximately 73% LTV. Many (most?, all?) hard money lenders will not go this high. We stop at 65% LTV and others stop at 70%. Any flexibility on price or terms? Can the seller carry a small second? Do you have some cash in the deal? What about the closing costs? Have you rolled them in already or are you expecting to add those on top (and raise the LTV)?
We will sometimes partner with a second investor who funds the difference above the HM. Not the best idea in many cases as it really does start to eat into the profit. BTW - If you want greater than 65% LTV or 70% LTV from a HML expect that they will start asking all kinds of questions about credit, track record, cash in the deal, cash reserves. The loan is effectively morphing from 'hard money' to non-conforming. As the LTV goes up you are asking the lender to take a lot more risk so they want to know a lot more about your ability to perform. John Corey Manager/Member Chelsea Private Equity, LLC +1 (503) 906 7840 x1108 +1 (503) 210 0227 (efax) On Dec 19, 2005, at 13:50, etebari_peyman wrote: > Hi, > I need to buy a house at $204,000. > Appraisal value is about $280,000. Excellent condition, just painted > new carpet........... No repiars at all!!!! > I need to find hard money lenders. Please send me the best packages > that you may have. > > We have to close by 01/15/06. We will hold the property for maximum a > year, we obviously want to flip it. > > Thanks a lot, > Peyman Etebari. VE National - Principal > > > > > > > > > > ------------------------ Yahoo! Groups Sponsor -------------------- > ~--> > Put more honey in your pocket. (money matters made easy). > http://us.click.yahoo.com/F9LvrA/dlQLAA/cosFAA/iiEolB/TM > -------------------------------------------------------------------- > ~-> > > Apply for Commercial Real Estate loans online and submit your deal > to dozens of hungry lenders in just minutes. Loan programs for all > types of business and commercial real estate. Apply anytime at > http://realestatezoo.com > > RealEstate > Part of RealEstateZoo.Com > ------------------------------------- > Post message: [email protected] > Subscribe: [EMAIL PROTECTED] > Unsubscribe: [EMAIL PROTECTED] > List owner: [EMAIL PROTECTED] > Web Site: http://groups.yahoo.com/group/RealEstate > > > > > Yahoo! Groups Links > > > > > > ------------------------ Yahoo! Groups Sponsor --------------------~--> Put more honey in your pocket. (money matters made easy). http://us.click.yahoo.com/F9LvrA/dlQLAA/cosFAA/iiEolB/TM --------------------------------------------------------------------~-> Apply for Commercial Real Estate loans online and submit your deal to dozens of hungry lenders in just minutes. Loan programs for all types of business and commercial real estate. Apply anytime at http://realestatezoo.com RealEstate Part of RealEstateZoo.Com ------------------------------------- Post message: [email protected] Subscribe: [EMAIL PROTECTED] Unsubscribe: [EMAIL PROTECTED] List owner: [EMAIL PROTECTED] Web Site: http://groups.yahoo.com/group/RealEstate Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/RealEstate/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
