As the changes within the mortgage industry continue, we see an increased opportunity for private investors to lend on real estate deals. We are looking for individuals who want to earn a higher return on their current savings or IRA funds. WE HAVE DEALS RIGHT NOW, READY TO BE FUNDED.
All of our projects are solid, LOW LOAN TO VALUE (generally under 70%), projects in the local area. The terms on these loans generally consist of short term loans, secured with a first position lien (Mortgage and Deed of Trust) with interest rates in the 10-12% range.
We currently have first position loan's that need immediate funding in the $25,000 - $5,000,000 Range.
Individuals who decide to lend privately tend to continue to lend over and over again, as the rate of return can far exceed the returns offered by banks in CD's and Money Market accounts.
Below, is an example of a current lending need. Please call me at 360-606-5223 if you would like more details, or if you have questions regarding lending money privately.
Project Location: Long Beach, Wa
Project Type: Land Acquisition and construction of a 3 bedroom, 2 bath home (65% Loan To Value)
Loan Amount: $32,000 for land construction, $114,000 for construction costs (Construction loan is already approved, and a loan for land only can be accepted. Buyer will pay 2 points and 12% interest for a land only loan for a term not to exceed 3 months).
Loan To Value: Land valued as is at $45,000 (Current Appraisal on hand) Completed Project valued at $230,000 per full appraisal. Buyer has already paid for septic design, drainage plan, clearing permit and building permit, adding additional value to the land.
Notes: The construction loan that is ready to be funded is awaiting the final building permit. The lender will not fund the complete construction loan without the permit in hand ( a new requirement). The seller does not want to extend the sale of the lot by another 6 weeks (permit has been applied for and the county is currently 6-8 weeks out in issuing). The buyer is willing to pay a high interest rate of 12% to a private investor who will fund the lot loan until the construction loan pays that loan off in 8-10 weeks. Alternatively, the borrower is willing to pay a rate of 10% on the entire construction loan, if a private lender would prefer to lend on the entire project. The buyer has spent around $6,000 on this project to date. This means the buyer has almost 20% of the land purchase price invested already.
Other projects are available.
If you would like more information on private real estate investing, below are links to some articles I have found that I think will help you.
http://www.bizjournals.com/seattle/stories/2007/06/18/focus8.html
http://www.iraresource.com/articles/article0595
As a mortgage professional and real estate investor in the Pacific Northwest, Travis Wolfe has been active in the real estate community since 1997. He provides residential and commercial real estate loans, as well as real estate investment coaching. He can be contacted by phone at (503) 367-1109 or (360) 606-5223 and online at http://www.whitewolfemortgage.com/ .
WhiteWolfe Mortgage is a branch of Axia Financial, LLC. Travis Wolfe 510-LO-38773
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