Good afternoon to all,
I would like to inquire to anyone who has information on hard money lenders or private money lenders willing to finance my real estate projects. A little back round information on myself. I’m a current licensed real estate agent in Washington DC. I’ve had a unique position within my brokerage the past year and a half. We have a sales side as well as a development side. My job has been to provide the development side with investments deals both residential as well as commercial. To say in short words, I analyze deals every day, pull comps, market trends, future developments , deal with contractors. spread potential ect. ect. Every property that I bring in I get my standard commission as listed on the MLS as well as the exclusive listing to sell on the back end. Not a bad gig! We currently have 6 residential properties and 2 commercial properties being rehabbed. Three of our residential properties are almost finished with two of those three already under contract pre construction. Based on the information I’ve been able to supply I’m very confident that it’s time for me to step out on my own. I’m very aware of the current lending market or lack of it. I’ve done a ton of research on hard money lenders in the Washington DC metro area. I understand how the process works. I’m wondering if anyone knows of any private money sources who’s terms may be just a bit more favorable. I’m well aware that lenders want us to have skin in the game but 4 to 6 points on the front end seems a bit high but typical given the market. I would rather do less points and higher interest rate because my exit strategy will be to sell as quickly as possible. Also if there are new rehabbers working in the DC area looking to do partnerships I’m open to that as well. I’m heading up to New York next weekend to try to begin scouting hedge fund managers as well as angel investors. So many of us see the opportunities in this market but without financing we’re out of luck. Thanks to all for taking the time to read this post. I’m a creative thinker but could use more ideas.