I am a beginner real estate investor looking to break into the rehabbing/flipping market as well as get involved with some condo conversions and land development in CT. I recently partnered with an individual who has over 25 years experience in the construction field. We both have the same goals in mind and have started to establish a network of individuals except people that can provide the financing. As of now our only downfall is finding a loan or financing for our potential projects. I know that anyone can go online right now and find millions of websites of HML, Private lenders ect: each have their rules and regulations. Neither one of us has any collateral or enough money for a down payment. Since we are in the process of forming an LLC I want to apply and obtain all financing/loans directly through the LLC rather than one of us being personally responsible for 100% of the liabilities. The idea is building an enterprise with $0 and by using OPM. Because this will be a new LLC will any and all lenders be reluctant to loan money to a new LLC? I was told that there is a possibilty to take a loan out personally in your name, then convert/roll it over to the LLC by one mortgage broker. Are there any Private lenders, private investors, mortgage brokers that will lend to a new LLC directly. Ideally, the goal is to get as much money as possible to flow directly through the LLC with no out of pocket expenses and to cover all costs associated with the projects (100% financing). Does anyone know of anyone who could help accomplish this? If we can get between 60% to 100% LTV that would be great, but if we continue to fall short of cash we need to find alternative ways of finding the money. I am trying to network and establish relationship with as many mortgage brokers, HML, Private lenders, Private investors as possibles. Any suggestions or info will be greatly appreciated. Thanks much
campbellgroup,
Thanks for the reply. I will give them a call to find out more. Have you used these lenders in the past? If so, how have you used them?
Thanks.
I have not used them YET but they were refered to me by several different people at several different functions.So if a name keeps popping up from people who never met I usually take that as a good sign.