Hey PMC! I previously presented a deal for the full $430,000 purchase price (pp), or to be split between multiple lenders (Money Club Monday Link with presentation: https://youtu.be/7MZpTOKcvX8)
This pp proves to be high for just one loan so we are obtaining a DSCR commercial loan for 75% of the pp and are seeking to work with a lender for the 25% plus closing costs. Our original deal outline is still below, but please let me know if you are open to working together on our down payment! THANK YOU and please call/text or message me here for more info (516) 860-7984!
Breakdown for $130,000 loan:
- 10% annual interest ($1,084 per month) 8-12 month loan (no prepayment penalties)
- $8,672 – 8 months (+/- $1,084 each month over or under 8 months)
- $500 per month paid to lender as good faith payments during the loan to be applied to the total outstanding balance of the loan
- Promissory note from JP Property Buyers and personal guarantee from Jennifer & Joseph Purtill (no recorded lien position)
- Closing is approx. 5/26-6/5.
Hi all – SO SO happy to be here!! Wowee! When you are patient good things will come. I am very excited to present this lending opportunity to PMC. The Northeast real estate market is staying strong and The Poconos in Pennsylvania is no exception. This property is under contract to close by May 26th. I have included our company presentation and a one-sheet, ‘HOT & READY” as Noah Harris likes to say, so here is just a quick description.
–Short Term Rental ready / HOT STR market
–Lakefront with full lake rights
–No renovations, house is in excellent condition, owned by the same family for decades, never used as a rental. Only updates are needed such as replacing the rug, adding split AC/heat units, washer/dryer, hot tub, sprucing up the landscape, etc.
–Centrally located to most major Poconos attractions that bring visitors to the area (indoor water parks, ski mountains, hiking, lakes, boating, fishing, community amenities)
–Loan: $430,000 (purchase price)
–8% annualized interest
–Principal and interest paid in full within 5 business days of maturity date (date TBD)
–Exit strategy for loan is to continue working together or refi
–JP’s investment is closing costs and above-mentioned updates.
**Open to working with more than one lender to structure a suitable agreement for all**
We already own a successful short term rental property in a nearby Poconos community. This home is NOT lakefront, smaller and it netted just over $50,000 in 2022 with 100% 5 star reviews. Our team on-the-ground is top-notch, professional and dedicated – people first, profits 2nd so we have a great team!
Thank you for your consideration!!
Jennifer Purtill/JP Property Buyers LLC