hi
i’m new to this site so please forgive me if some one has already asked this question (i didn’t see it though)
i have read a lot, gone to seminars, and looked a lot… and now i am ready to start on my first deal. my biggest stumbling block at the moment is that i am self employed and recently my credit has taken a “dip” (but was 680 a yr ago)…
i have found several properties that can be purchased for 65% LTV or better, but am still in need of either a partner/ investors or a hard money lender willing to do the deal.
any suggestions on where to start my search?
thanks in advance
Let me be the first to welcome you to the forum—you are in good company…
Assuming that you are investing in FL, there are a number of rehab HMLs available ranging in ARV, documentation requirements, FICOs, etc.
I’ll send you a PM to expand on this further…
Regards,
Scott Miller
Scott,
I am just starting out also, and wanted to know if you or anyone else has any names, or recommendations in the Chicago area ( northwest suburbs) for PL & HML
Thank you for you time.
William
Sure—I’ll send you a PM too…
Regards,
Scott Miller
Hi Scott,
I am also new to investing and have three deals which i need to find HML for. (This is actually my first time on this site!) Can you or anyone else please refer me to any HML in CA. Thanks!!
Certainly—I’ll send you a PM now…
Regards,
Scott Miller
Personally, I struggled to find a hard money lender with terms that allow me to actually make a profit! After some time though I did find money by networking with mortgage brokers and individuals. I found that after building relationships with mortgage brokers some of them were willing to give leads to individuals who have money to lend. Many brokers are investors also and enjoy talking shop, even if you aren’t borrowing through them. Developing relationships was my key to opening doors to money. Often times money comes from sources you least expect!
I started with WWW.PRIVATE-MONEYLENDERS.COM and began contacting the lenders listed there.
Good luck and good fortune! :biggrin
John
I’d be curious to learn what your point of reference is—what is the interest rate/points configuration that you have been introduced to that didn’t allow you to make a profit?
I have loan programs that offer a I/R pegged to prime + and others with lender points as low as 0—is it possible you haven’t turned over every hard money rock that is out there?
Hard money is always a cheaper alternative to bringing in a partner, but in some cases, it’s not cheap money (so you need to be build this into your purchase price).
There are a few conventional rehab loans available to investors that might be a suitable alternative to those that are concerned with the costs of hard money.
Regards,
Scott Miller
Rehab loans range from 65-85% of the after repaired value.
Most rehab lender will give you the funds to purchase, fix up, cover costs, and sometimes even payments.
Some check credit just looking at pay history, some have minimum score requirements, and others dont check credit at all.
HML usually only operate in areas close to them but there are a few that work on a national level. There are plenty of options for rehabber nationwide.
A mortgage consultant specializing in investment loans can point you in the right direction.
Will also over a message so you have additional contact points.
EZloans,
Do you know of someone in San Antonio we could contact for borrowing to do a rehab?
JD,
There are several lenders for the San Antonio area. That’s actually a great area for rehabs. Bexar was doing quite well.
If you dont mine an additional source, I’ll send over an email with some questions to determine which lenders you should speak with.
Sure do and as Ben indicated, the options in TX are diverse—I’ll send you a PM to continue this discussion…
Regards,
Scott Miller
Scott,
you sound pretty diverse on alternative financing, I’m to ask you if you can refer me to HML or PML in the New York area. I’m finding pretty good deals below 30% market value and the hardesd part is the finding financing.
can you refer me a HML or PML?
Rich,
I’d be pleased to review the rehab financing options available in NY—I’ll send you a PM to outline my thoughts further…
Regards,
Scott Miller
There will always be Hard Money lenders with booths at your local REIA. (Investor Club). You can also try google for ‘Hard Money Florida’, ect …
Rich,
First question to address would be if you really need hard money. You have tried local banks?
What zip codes in NY? There are several located in-state but operate within specific areas.
Investment loans…
I’m in Westchester County. NY ( 35 miles north from NYC) zip is 10598
Rich,
Zip should be ok…will send you an email to discuss off forum.
Hi Scott,
Do you know any PML’s or HML’s in Hawaii? I have an offer in on a foreclosure that I need to finance. I’d like to flip this property. I have cash & credit I can use to finance the rehab work but need 100% financing for the mortgage. Is this still do-able in this market? Thanks for your help.
Sheila
Sheila
Have you tried working with a local bank where the property is located? With good credit and money for the rehab you should be able to find a commercially structured loan.
I’ll send over an email to determine which HML may be able to assist you if absolutely necessary. There’s also a conventional lender that does an 80% arv loan.