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themoneyman
9 Posts |
 Posted - 03/24/2008 : 7:55:55 PM
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I am looking for a hard money lender to assist with the purchase of an apartment complex. Borrower has experience. Property has 47 units fully leased with excellent rent roll and cashflow.
Sticking point is borrower has low credit (low 500's) and is requesting 80% LTV. Purchase price is $3MM and borrower has $600k down. Recent appraisal supports purchase price.
Let me know if you can assist with the above scenario. If not as requested please supply me with your best terms. Reply to greg@allianceccg.com |
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CoralSnake
10889 Posts |
Posted - 03/24/2008 : 9:39:20 PM
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| Where is this property? |
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privatelender4u
174 Posts |
Posted - 03/25/2008 : 07:24:16 AM
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I might be able to help. What state is the property located.
Charles |
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themoneyman
9 Posts |
Posted - 03/25/2008 : 07:33:59 AM
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| The property is located in Virginia |
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joe313
650 Posts |
Posted - 03/25/2008 : 07:52:35 AM
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Greg,
80% is going to be very hard to come by in the hard money world...I can lend up to 65% on a property like this. We can look at the possibility of using additional collateral to bridge the gap to 80%.
If that might be able to work or you have questions, give me a call.
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EricBrown
71 Posts |
Posted - 03/25/2008 : 10:17:03 AM
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I agree, 80% is going to be a stretch, i have 65% guaranteed with a strong possibility of 70% depending on the properties cash flow. If you would like to discuss give me a ring.
Eric Brown
Creative Financial Services
Direct 813 574 6369
Mobile 813 420 3222
ebrown@cfsoftampabay.com
www.cfsoftampabay.com |
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hardmoneyfunds
58 Posts |
Posted - 03/30/2008 : 1:57:58 PM
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We are private hard money lenders. No credit check, no bank docs, no income verification. Equity is what counts for us.
On something like this we can go 50% LTV but we know a commercial group who likes to joint venture. If interested, we would have them come in with the additional funds needed to close. The JV terms would have to be worked out between your borrower and them but this does offer an opportunity to get this done if nothing else pans out for you.
Furthermore, our company is based in Virginia so we know the market pretty well.
If interested, contact me at your convenience.
Georges Franco
(202) 595-5472 Tel
(877) 720-7409 Fax
gfranco@applyforhardmoney.com |
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dkny
210 Posts |
Posted - 03/30/2008 : 2:36:38 PM
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| If the seller willing to hold a 10-15% second mortgage I may help to get it done.Please call to discuss. |
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