CLOSE IN 48 HOURS OR LESS! READY TO GET STARTED WITH YOUR NEXT DEAL IN VIRGINIA?
A United States serviceman stationed overseas wanted to invest in real estate in his hometown. He successfully partnered with his father and two other partners to form an LLC to purchase a distressed home in Richmond. EquityMax provided a loan for the borrowers to purchase the house with renovation to quickly ensue after closing. Borrowers are in the midst of renovating the property in order to sell to a first-time home owner.
|Location – Richmond, VA|
|Loan Amount – $120,000|
|Purchase Price – $150,000|
|Loan Type – Purchase|
|Term: 12 Months – 17 years (borrower option)|
|Rehab Amount – $30,000|
|Actual Repair Value – $220,000|
|Profit – TBD|
After seeing jobs decrease across the state during COVID-19, forecasters are projecting a 2.2% increase in total jobs and 1% drop in unemployment for 2021.
A lack of supply, growing demand, and low mortgage rates has increased home prices. It’s projected that this trend will continue into 2021 and beyond.
Cost of Living
Virginia has a cost of living well above the national average, especially in the Northern Virginia region where rentals and housing are very expensive.
While Fairfax county in northern Virginia is more expensive and risky for investors, other cities, such as Richmond, are surging with plentiful opportunities to invest in flips.. This is in most part because of their affordability, healthy job markets, and optimistic sales and price growth forecasts of 5% for 2021. The borrower has yet to fully realize the profit potential on this property, however, buying at a relatively low purchase price with a modest rehab budget will ultimately set him up for a successful end result.
I was a first-time investor, and EquityMax was glad to work with me. They guided me through the entire financing process to make sure we were both on the same page. I will certainly be using them on my next deal!
High LTV / Low Rates / Flexible Term
Minimal Insurance Requirements
Zero Prepayment Penalty
ZERO Credit or Qualification Requirements
No Personal Guarantee Required
Free Comparable and Repair Analysis
Catering to Real Estate Wholesalers
1-3 Day Funding
Minimal Notice to Close
Invest through a Self-Directed IRA or Solo 401K
Net Proceeds from Investing are Tax-Deferred
No Personal Guarantee
Brad Emmer, Owner and Founder of EquityMax, previously ran a wholesale bottling business with his father. It was only natural that Brad’s son, Greg, joined EquityMax in 2008 to continue the tradition of an Emmer Father/Son business partnership.
EquityMax lends on any form of residential property, including single family homes, 1-4 multi-unit properties, condominiums & townhomes, and even small apartment complexes (20 units or less). We also lend on commercial property and industrial warehouses.
EquityMax can send a borrower a Proof of Funds within 5 minutes of receipt of an acceptable, three-score credit report. If a borrower does not have a recent report, he/she can request that Equitymax pull it. For instructions, please click here.
Yes. EquityMax has multiple borrowers with several active loans in our portfolio.
EquityMax does not require our borrowers to be a Corporation of LLC. We can originate loans to individuals, LLCs, Corporations, Land Trusts, and Self-Directed IRAs.
EquityMax is not limited to properties in major metro areas. We see vast opportunities to lend in more remote parts of the state to maximize borrower profits.
EquityMax lends on real estate throughout the state of Virginia. We are not geographically limited as to where we will finance in the state.
EquityMax anticipates the demand for these types of properties to increase in the coming weeks and months. Hence, we will always look to finance them for our borrowers.
EquityMax does not market properties in Virginia to sell because EquityMax is not licensed as real estate brokers in the state. That does not mean we will not finance deals that borrowers bring us directly. Moreover, we have a large network of property owners, distressed sellers, and wholesalers that continually provide inventory for purchase to our borrowers.