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RIDINGLA
40 Posts |
 Posted - 05/07/2008 : 10:55:55 AM
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I need a hard money construction loan that I can close in about ten days or so.
I have everything here and need someone who can review it and give me an answer today.
I can pay up to 3 points on a 1 million $$ loan.
Equity is about 50%
The problem I'm having is that my reserves are only about 65K and not using a GC but a developer. |
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lenderben
1018 Posts |
Posted - 05/07/2008 : 12:01:12 PM
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I would be happy to take a look at your executive summary but the average loan takes 2-3 weeks to close. you can have a loan offer in your hand within 10 days, but the lawyers will take a little longer preparing closing docs.
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omegafunding
228 Posts |
Posted - 05/07/2008 : 12:57:51 PM
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Reserves not an issue but you will be paying 4-6 points at closing. Lenders are just not excited about construction loans. And they have to come in with 20-30% cash into the project. If in CA or TX we would be interested
Omega Funding, Inc
www.omegafund.com
720-279-4345 |
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ag957
301 Posts |
Posted - 05/12/2008 : 07:47:54 AM
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Many questions - lets start out w/ the most important - where is the property located?
Art Gilberg
Trust Deed Investments, Inc - Direct Hard Money
Tel: 415-760-2338
Email: agilberg@aol.com
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