Having a contract and actually closing a deal are two very different
things, Peymie. You're dreaming...
----- Original Message -----
Sent: Wednesday, December 21, 2005 11:18
AM
Subject: Re: [RealEstate] Hard money
lenders needed in Dallas
M. Corey,
unfortunately I have to add the closing cost on top of the 204K. I
previously talked to you about these deals, they are finally being presented
to me. I have never dealt with any hard money lender and I finally get to
understand how you guys operate.
At the end of the day, if conditions apply I will put in about 25K.
This deal is solid, before the FDIC put this porperty out of the market
the selling agent had a contract for 260K on it.
my ROI should be around 150% to 200%, with no cash down almost
infiniti.
Any suggestions? Thanks.
"John B. Corey Jr."
<[EMAIL PROTECTED]> wrote:
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
>
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