Fix&Flip – 2nd Lien Pos – 90K Needed -Close 9/13/22
Front,Bedroom 1,Kitchen,Back of House,Air Conditioner 1,Master Bed,Master Bath,Pool,ADU Kitchen View,Back Yard,
Hello! We are in need of a PML asap! We currently have a deal under contract and we are looking for a PML for part of the $$. We are in need of 90k. We close on Tuesday 9/13. Here are the details (I can send more via email):
– SFR 5/3, 3444 sq ft, pool, with 1200 sq ft unit in the back that contains a kitchen and toilet
– Lot Size: 37,812
-Location: Keller Texas – "A" Neighborhood with Top Rated Schools. Keller ISD is an A Grade ranked #15 school district in the DFW area and #42 in state of Texas. Carrol ISD 2 miles away is ranked #4 in DFW and #4 in the state.
– Purchase price: 545k
– Rehab: 175 (our contractor quoted us at 125k, gave us a frequent customer discount) but HML wants us to keep budget at 175k.
– Rehab time: 2 – 2.5 months
– Appraised at 900k with ADU as is and not built out – Real Estate Agent is confident we can get 1M if we build out ADU and rehab house to local comps
-Business Plan: Rehab current house with no wall removals. Remodeling Kitchen, Baths, New Floors, Paint. Roof is 2 Years old and HVAC is less than 5 years old. Pool equipment is good and pool is in good shape. ADU will need build out to add a shower and wall for 1 Bedroom.
– HML Loan 630
– We have 20k for closing costs
– Need: 90k
– Terms: 2nd Lien position 3% points, 12.99% interest or higher
– Time Frame: 6 months or Less
-Appraisal Report: Attached