UT - Spec Home 2.65 M

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brokerintheskye

2428 Posts

Posted - 03/18/2008 : 08:51:24 AM

95% Complete
End Buyer in place
Current Owner is the builder
SFR
680 Mid
2.65 Appraisal As Is
Needs 1.6 M
60% LTV before costs
218K Liquid
250K Invested so far
30 yr resume
Needs money for 60 days to complete the house and go through a 30 day escrow
1.2 M pays off current lender the other 400 K pays the vendors and completes the construction.

***Borrower would alos look at a 400K Hard Money Second

alexstjohn

25 Posts

Posted - 03/18/2008 : 11:58:43 AM

I am guessing here, but based on what you have written I may have an answer. Yes, I am a broker. All I do is commercial and this is a commercial deal. I do have a company I work with that will do this type of transaction, in Utah. The Owner-Builder with end buyer in place is a little confusing, but I think I get the drift. My number is below if you would like to discuss. The basic criteria for this loan would be as follows:

1) Loan amount up to 80% of contract price
2) 1st mtg position only
3) Interest only on based on funds drawn
4) Rates generally Prime + 1.95 - 2.95 depending on credit, etc
5) Lender orders their own appraisal

We put all terms and agreements in writing.

Just FYI - My experience is that most hard money people only do 1st position, but that is just what I have seen.

Let me know if I can help.

brokerintheskye

2428 Posts

Posted - 03/18/2008 : 12:37:56 PM

There are lenders that do hard money seconds but they are few and far between for this type of project. Thanks for the insight.

dkendall1979

10342 Posts

Posted - 03/20/2008 : 7:01:41 PM

I can run it with Unifund and see what the results are Skye.

I can't gaurantee it's a loan we'll do, but I'll get you a quick answer.

brokerintheskye

2428 Posts

Posted - 03/20/2008 : 7:21:03 PM

I appreciate it David

I will be in touch.