Louisiana Hard Money Deal - Active

580

3 deals

No

New Orleans

Louisiana

$181,000

My purpose of the use of funds is to help fund this deal and give me an opportunity in this industry with good intentions for the people. I will now go into the details of the deal and what im asking for. I have a duplex apartment that has been fully rented out for a year, with section 8 tenants, guaranteed payments every month from the government. The property cash flows and pays for itself, with a monthly payment currently at $1,612.00 and total rents collected monthly is $2,473.00. Purchased this property for $230,000, last appraised value was $250,000. I initially put down 20% to owner finance, everything is recorded with the attorney and county(parish). I have a balloon payment of $181,000 due in December, 2023.
I am looking for a short-term loan for up to $200,000, which I can use to refinance out of this balloon payment that is due. This will give me time to have two years of rent recorded on taxes, use any extra money to consolidate smaller debt and fix credit to refinance into a 30-year fix conventional loan, which will the exit strategy.