Annie Collyer
Nashua, NH (USA)
Role(s):
Manager/Supervisor
Sherwood Property Investments
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Startup
Location:
Nashua
Industry:
Real Estate
Year Founded:
2006
Number Employees:
1-10 people
Business Stage:
Growth (profitable)
Entity Type:
Limited Liability Company
Description:
Rock Valley Realty LLC is looking for Investors for secured loans to acquire, redevelop and resell residential real estate in Northeastern Massachusetts.
We are currently buying one property per month, redeveloping it within 6 weeks, and listing it for resale. Our average holding time from purchase to resale is 4 months.
We are in need of capital to increase our pace of acquisition. The average investment per property is $250,000. We buy in two ways:
1- 100% with investor funds, investor in first position, secured by escrowed deed, title and property insurance.
2- 60-75% bank loan, with investor in second position, secured by option agreement, escrowed deed, escrowed right to take over mortgage, title and property insurance.
We never buy for more than 70% loan to after-repaired value (LTV), less cost to repair. After all buying, holding and selling costs, there is 80% LTV.
Our goal is to increase from our current pace of one house per month to 2 per month by late June, and then to 4 per month by the end of 2011, and, by June 2012, to 6 per month. We also intend to begin to buy and hold for rental one out of 6 properties.
We pay points and interest, or, will share equity as an alternative.
We are experienced, savvy and successful, and need investors to grow at the desired pace.