100% Rehab Purchase Funding

whats the web address?

www.equitydevelopmentcorp.com

I don't know anything about the company. Just want to know if anyone else does

I would look further into this. Do the research and due diligence. Most companies even hard money lenders do not claim to do 100%. Most hard money lenders will lend up to say 75% of the ARV (after repair value) which means that if you get a price accepted on your offer below 75% of the value the lender will pay for the purchase. I would assume that this company is doing the same thing but listing it as a 100% financing opportunity. Other than this I have not heard of them, their success or there miss doings.

Can't banks do the same? Suppose you negotiate a price that is 70% of value, then get the bank to finance 70% (assuming the appriased value is the same). Shouldn't that also give you 100% financing?

Suppose you negotiate 70% with the banks the banks 70% will be 70% of your offer price and not the value of the property. You will always come up with money in this case.

Example:
Value - $100,000
Offered - $70,000
Negotiated with the bank for 70%.
Bank will pay - $49,000 (70% of $70,000)

hey, this is pdawg, my question is, is there any banks that do loans on the arv of a property? will the loan you money on foreclosures if the price is well below fair market value or will you still need a down payment using conventional financing.

I will give you my best answer others may add more.

I am not currently aware of any banks that will lend on the value of the property or after repair value. However, my assumption would be that smaller banks, those with 5 or less branches, will have a more likely availability to do so. If you were interested in this I would go through the yellow pages and find all of the banks with few branches and give them a call. They would be able to tell you very quickly if they lend on the value or after repair value. This is probably the easiest and possibly the best way to find them.

Nathan, are you going to attend the EDGE again this year?

I am excited. Dean asked me to return. I love my subject and believe those that are there will get a lot out of my subject. Will you be there?

Absolutly! I watched your seminar of the edge kit and was very impressed and interested in the HM/PM part. I will definatley pick your brain if you have time when we are there.

thanks.
Richie.