South Dakota Hard Money Deal - Close

737

8 deals

South Dakota

I am looking for a bridge loan. I have an appraised value of this property of $1.5M with current comps to substantiate. I am under purchase agreement for $1.050M. The remaining $450K I will be using for additions, remodeling and improvements to this property along with the $450K that I will be injecting with cash, material and equipment. ARV $2M. Timeline 12-18 months. I am looking for someone who will be able to do a bridge loan for two years where I will be able to show clean books for this existing business to enable me to secure a SBA loan. The current state of this business is that it is being used as a tax shelter for the current owners and therefore the taxes and books show just that type of accounting, with that said I can easily show how this business will be able to satisfy this loan with revenue that is currently on site. Please take note that I don't need another broker singing me a song how they can get things done and then requiring $2,000 down. I am looking for someone legitimate that has the abilities to actually secure me a bridge loan in the next 2-4 weeks. I need to get things moving this fast or I am going to either loose this opportunity or not get on site early enough to get construction underway to allow me to refinance in a year and half as I have scheduled to repay a bridge loan. Property located in Lead, South Dakota.