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05-22-2015, 12:31 AM #1
- Join Date
- May 2015
- Location
- Long Island
- Posts
- 247
$600K Real Estate Deal
Interesting scenario and not sure if anybody here does this type of deal but worth a shot. Anybody who thinks they can help please PM me.
Have a client who recently purchased a second property via hard money at 12%. House is worth about $850K-$900K and borrowed $600K to do the deal after putting down $200K for a purchase price of $800K. Has some credit issues with late payments on a prior mortgage which stopped him from going the traditional mortgage route. Other than that clean credit. These issues should be cleared up in about 3-6 months where he can re-fi into a traditional loan.
Currently paying $6K a month interest only and wants to try and get that number down. Basically he wants to borrow $600K to buy out the hard money lenders for more attractive terms and a lower monthly payment.
His profile:
680 Fico
$220K net income
Second property with $300K equity
$200K+ equity in this property
This is expected to be a short term deal as they will get themselves into a traditional mortgage as soon as he meets bank criteria, again, within 6 months tops.
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