Background:
My family and I are relocating to Florida, and we need to sell our current home in East Amherst, NY 14051. Our realtor estimates that the home could sell for $394,000 on the low end with $442,000 in the middle and high end of $488,000. We currently owe $118,000 on the mortgage and $57,000 on a Home Equity Line of Credit (HELOC). Additionally, we anticipate closing costs to be approximately $33,000.
To ensure we can successfully sell the home at its estimated value, we need to complete the necessary renovations. Additionally, we require funds to cover relocation costs to Florida. The total amount needed exceeds what we currently have available.
Request:
I am seeking a hard money loan of $50,000 to cover these expenses and provide some financial buffer during the transition. I am prepared to offer a 15% interest rate depending on the terms of the agreement.
Security:
This loan will be secured by the equity in our home, which has an estimated market value of $394,000 on the low end. After paying off the mortgage, HELOC, and closing costs, the expected remaining equity is substantial, offering a secure position for this loan.
Repayment Plan:
The full repayment of the loan, including interest, will be made upon the sale of the property, which is anticipated to occur within the next 60-90 days. Given the current real estate market and the valuation provided by our realtor, we are confident in a timely sale.
Conclusion:
This proposal presents a low-risk opportunity for you as a lender, with a clear exit strategy and substantial security in the form of home equity. I am confident that this short-term investment will be mutually beneficial, providing us with the necessary funds to complete our relocation while offering you a competitive return.
Contact information: Keith A. Cell 716.258.2953