Financing in Boston>Question Details

Bellabushki, Home Buyer in Boston, MA

Looking for a hard money loan for owner occupied residence in MA?

Asked by Bellabushki, Boston, MA Wed Nov 2, 2011

property owned and is currently worth $250K, owes builder $125K, and needs another $125K to complete project. Will be worth $450K when completed.

0 votes Share Flag Financing in Boston

Help the community by answering this question:

Answers

9
Estate in Hartland Vermont. 80% complete, ready for insulation, ran out of money. Landvest says it's worth 1.5M when finished. I need 300k to completely finish it. NO Mortgage! Ideas?
0 votes Thank Flag Link Mon Apr 22, 2013
You might also try Nathaniel Mason he is a private lender I have worked wiht on several deals over the years. His number is (781) 416-9944.

Good luck on your project.

Eric Erickson
Web Reference: http://www.teamerickson.com
0 votes Thank Flag Link Thu Nov 3, 2011
I agree with Ina, Ann Bellamy is your answer, or your path to the answer.
0 votes Thank Flag Link Thu Nov 3, 2011
Go to Ann Bellamy's website.....she works specifically in Massachusetts and New Hampshire......if it can be done, she'll know how to do it Ann Bellamy - Hard Money, Chairman of the Board of Advisors

http://www.buynowhardmoney.com ann@buynowhardmoney.com

Ina H. Cohen
Investor Sales Specialist
Keller Williams
617-645-1909
Ina@Ask-Ina.com
0 votes Thank Flag Link Wed Nov 2, 2011
It's a brand new construction
0 votes Thank Flag Link Wed Nov 2, 2011
Is this a gut rehab or new construction? Was the foundation completely torn out and re-poured (if a rehab) or just partially dug out?
0 votes Thank Flag Link Wed Nov 2, 2011
Few lenders, hard money or other, would touch that. You're looking for $125,000 (minimum)--presumably as a second--to add $200,000 of value. First, hard money lenders want to be in first position. So you'd really be looking for $250,000. Second, hard money lenders don't lend on owner-occupied residences. Third, hard money is for a short period of time, such as 6 months. Would you be in a position in 6 months to refinance the property and pay the hard moeny lender off?

If you haven't bought the property yet (it's unclear from your question), look into a 203(k) loan, which would cover both the mortgage and the repairs/upgrades. Check with a lender for more information.
0 votes Thank Flag Link Wed Nov 2, 2011
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
The home needs $125K worth of work and another $125K to pay off builder. The home will be worth $450K when done.
0 votes Thank Flag Link Wed Nov 2, 2011
We might be able to suggest some options for you. But based on the information you provided it doesn’t sound very attractive to ANY lender…. property currently valued at $250K and $250K worth of unfinished work and outstanding debts? And upon completion the property will only be worth $450K??? Give us a call. We’re happy to listen, help or point you in the right direction.
Web Reference: http://www.bowlinegroup.net
0 votes Thank Flag Link Wed Nov 2, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer