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Author Topic: HML or Private funds in my area?  (Read 1803 times)

Offline zeke999

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HML or Private funds in my area?
« on: October 21, 2006, 09:44:51 am »
Hello,

I'm still trying to get into real estate investing in my area. I live in Eastern North Carolina, more specifically I'm in Jacksonville, NC. I'm still in the process of lining up possible funding sources and will be visiting several local banks over the next couple weeks as soon as I finish up my business plan. Anyhow I was curious if anyone in my area has had any success with private investors and/or hard money lenders here in Jacksonville, NC? I've contacted a few different Hard Money Lenders that say they lend in North Carolina but are wanting me to put down very high amounts for down payments (10-30%) because of the lower population of the county (150k population). Most of my properties I will be working with will have an ARV between 100-130k (purchase amounts running between 50-80k, ideal looking for 65%-70% LTV or less if the deal is right). Anywhere in particular should I look or is having to put 10-30% of my own money down to purchase the property going to be the norm for my area as a rehab investor? Thanks.

Offline Investment Loans

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Re:HML or Private funds in my area?
« Reply #1 on: October 23, 2006, 04:20:56 pm »
No, you shouldnt have to expect to put that much down on a rehab.  I know exactly which lender you're referencing and I seldom refer any of my clients to them because it can be challenging.

You didnt speak much about your qualifying credentials but that's ok because there's a lender out there for just about any scenario.  I'd be glad to discuss your info and options offline.
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