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tatedelo
2 Posts |
 Posted - 07/18/2008 : 11:50:01 AM
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701 Mid Score
Investment Property Purchase
$145K Purchase Price
$350K Appraised Value
Needs hard money due to a well on the property that was dug too shallow by the previous owner that has run dry with our drought over the last few years. The borrower has already obtained an estimate from a company that digs wells and it can be dug deep enough to hit the new water levels for $5K-$7K. He plans to refinance the property within a month, as soon as the well is finished. It is now a bank owned property and it cannot go through conforming. The property is located in Tennessee. |
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AGreene00
2819 Posts |
Posted - 07/18/2008 : 11:52:46 AM
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| Grassland Financial in Nashville. Hard money deals to 65%. They might wet themselves when they see a 701 mid score. |
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tatedelo
2 Posts |
Posted - 07/18/2008 : 12:08:44 PM
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| Good idea, however I have been speaking with Grassland already, they are asking for $30K down, which is going to make it rough on my borrower to come up with the $5K for the well. Their reasoning was times are tough for everyone. |
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