I keep hearing of these unicorn loan products that are lending based on 75% of appraised value instead of the lower of appraised value or cost.

Does anyone know of lenders working in Texas who offer these unicorn loans?

If the numbers support positive cash flow, it would be nice to pull out more equity based on value added during the rehab even if the interest rate is a little higher.

Sounds like you talking about hard money loans that loan based on the After Repair Value (ARV) to fund purchase and renovate a property. If so I highly recommend Texas Quest Capital

I answered on a previous thread but we do. Love to speak to you about your situation. and I guess I will add that we do not broker and lend our own capital.

Longleaflending.com

We specialize in hard money/private money/bridge loans. We don't broker the product and its all principal's capital. Happy to discuss.

Might as well throw my name in the hat too.

James@quicklending.com.

We all are going to offer very similar products. Also direct and self funded.

Do any of you guys loan for vacant land flips? I've got a couple deals in the pipe and I am exploring different ways to fund.

mwp02ag said:

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Do any of you guys loan for vacant land flips? I've got a couple deals in the pipe and I am exploring different ways to fund.

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If you are flipping it, yes. Our LTVs will be tighter on land though. DOM can help mitigate though.

mwp02ag said:

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Do any of you guys loan for vacant land flips? I've got a couple deals in the pipe and I am exploring different ways to fund.

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Yes. I have a few land deals at any given time. If it helps, we'll look at your income and land quality to help with LTV. For example, if you're buy dirt inside 610, I'd be high on LTV than say a more rural location.

I have one 2ac deal with deeded Nueces River access in escrow at ~30% retail that we'll list at ~90% and should sell in 90 days.

However, it would make a phenomenal STR if I can figure out how to fund it for a little while. I could install the electric, well and septic and have a couple of RV spots set up in a month that would easily rent for $25/night. Eventually put in a couple of container homes.

Issue I have is all my cash is in another deal that we're going to hold and we're working on a refi of our house right now so I can't get a mortgage yet. That refi is cash out so in a month I'll have the cash for the 2 ac deal. What kind of product can do that for me?

The other isn't quite as good a deal percentage wise but its a 53 ac tract so it could be a great return. I'll have a CMA for it next week. It's prime NW Uvalde Co hunting land and I'd really love to keep it too but I can't figure out a play on that one other than flipping it. I have investors who will fund 100% for 50% of the return but wonder what other routes there are.

mwp02ag said:

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I have one 2ac deal with deeded Nueces River access in escrow at ~30% retail that we'll list at ~90% and should sell in 90 days.

However, it would make a phenomenal STR if I can figure out how to fund it for a little while. I could install the electric, well and septic and have a couple of RV spots set up in a month that would easily rent for $25/night. Eventually put in a couple of container homes.

Issue I have is all my cash is in another deal that we're going to hold and we're working on a refi of our house right now so I can't get a mortgage yet. That refi is cash out so in a month I'll have the cash for the 2 ac deal. What kind of product can do that for me?

The other isn't quite as good a deal percentage wise but its a 53 ac tract so it could be a great return. I'll have a CMA for it next week. It's prime NW Uvalde Co hunting land and I'd really love to keep it too but I can't figure out a play on that one other than flipping it. I have investors who will fund 100% for 50% of the return but wonder what other routes there are.

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We actually did a hard money deal in the fall for an STR on the Nueces. They refinanced and haven't asked how it's doing but I can find out. Happy to speak about what we can provide/your alternatives, even it we're not a fit.

Excellent, I'll send you an email.

We do 75% cash out on investment homes after 6 months seasoning based on appraised value using appraiser based rent amount so requires on other income docs nor tax returns. BBAZAR@RPM-MTG.COM NMLS 1969754

We do!

We would love to lend for you! enter info here https://shrtm.nu/jetlending and let us help!