Financing in Raleigh>Question Details

merrijs, Both Buyer and Seller in Creedmoor, NC

Anybody know of a reputable hard money lender in the Raleigh/Durham area?

Asked by merrijs, Creedmoor, NC Mon Mar 17, 2014

Hi All, trying to gather potential financing options for as I search for a purchase/reno/resale project. Any suggestions?

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Answers

2
You might want to check these guys out: http://www.carolinaprivatelending.com/
1 vote Thank Flag Link Tue Mar 18, 2014
Hard money is around. Normally 30% down payment with a cap of 70% on the ARV. 2-3 points, 8-15% with a 12-18 month. Plus you will need 20-30% in reserves. Hard money loans are not cheap.

FHA 203k funding is far less expensive to purchase and rehab a Property.

Deals are tight in the Raleigh / Durham NC area now. Even the fixer uppers are selling for market value in under 60DOM.

If I can help. Let me know.
0 votes Thank Flag Link Sun Mar 23, 2014
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