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Are there any Equity Based Lenders anymore?

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Carlos Gonzalez

Real Estate Investor from New York

Dec 17 '08, 04:46 AM


I'm seeking TRUE equity based lenders to lend on rehab projects throughout the nation. I'm looking for private lenders that base their lending decision on investment value and not financial documentation.

We normally work with private individuals that utilize their 401k's, IRA's, home equity line of credit etc. to fund deals and I'm looking for more people or institutions to work with.

We secure the loan with a first position mortgage at a loan to value no greater than 70% of the after repair value. Insurance is paid on the property of no less than the loan amount, with the lender named as the loss payee. In addition, we purchase the property under a Land Trust and sign a Conditional Assignment of Beneficial Interest to the lender base on the condition and terms of the note and mortgage. Depending on the length of the project most loans are paid in full within three to six months. If the lender requires a fix date to have the loan paid in full, we can accommodate that. We will always present the investment summary breakdown to the lender so that they can analyze the full scope and details of the project before they base their lending decision.

If there is anyone out there that may be interested or know of anyone that may be interested, please let me know. I will provide them with all the information and contracts utilize so they can review them with their attorney and/or accountant. I will also provide them with contact names and numbers to people who we have worked with in the past and present so they can contact them for further questioning.

It seems as if equity based lenders are becoming extinct and I'm just trying to get my hands on the few remaining or the few that would be interested in becoming one.


Edited Jun 26 2010, 06:41


Account Closed

Dec 17 '08, 04:53 AM


Carlos, we have had long conversations about this issue here on BG and, so far, we've found NO HARD MONEY LENDERS who lend strictly on the property. They ALL want good credit and DP in the deal.

The closest I've found to what you're seeking is Brookview Financial with just 5% down.


Edited Jun 26 2010, 06:41


Carlos Gonzalez

Real Estate Investor from New York

Dec 17 '08, 05:03 AM


Yeah, they are sure hard to find especially if you are searching for a financial institute to do that. That is why try to look for private individuals. That is how most of my projects are funded.

I don't like putting down payments... especially if it comes out of my pocket.


Edited Jun 26 2010, 06:41


James Hiddle

Wholesaler from Altus, Oklahoma

Dec 17 '08, 05:06 AM


Yeah good luck finding one and if you do pass it along to us.


Edited Jun 26 2010, 06:41


B G

Real Estate Investor from reading, Massachusetts

Dec 17 '08, 05:51 AM


im working with Brookview as we speak also...i'll let you all know if this new 5% down program is for real

i just have to close on a deal on friday and deposit the funds to meet the reserve requirements...

anyone else use this 5% down with brookview?


Edited Jun 26 2010, 06:41


Carlos Gonzalez

Real Estate Investor from New York

Dec 17 '08, 06:06 AM


I know they have been advertising fairly heavy on their new 5% down program, but I never really did any business with them.


Edited Jun 26 2010, 06:41


Ben Carmona

from Wentzville/St. Louis, Missouri

Jan 25 '09, 05:05 AM


Finding a HML that's strictly based on the deal is tough but not impossible. Be thinking private money and hedge funds for this. I've heard of a few and spoke with them but to date no clients have submitted deals.

Let me know if your still in need.


Edited Jun 26 2010, 07:02


Chris Chung

Real Estate Investor from Denver, Colorado

Oct 05 '09, 01:36 PM


You have to go to the smaller people who are lending out of their own bank accounts.

Alternatively, providing lower risk deals to a more conventional hard money lender is also effective


Edited Jun 26 2010, 09:57


Paul Kestenbaum

Commercial Lender from Ocala, Florida

Oct 05 '09, 11:01 PM


I haven't spoke with them for a while now, but there was a Company that still did Loans based on the ARV....it was for Rehab Projects.....might work.....
www.rehabfunding.com


Edited Jun 26 2010, 09:57


Bud Johnson

Real Estate Investor from Richmond, Virginia

Oct 14 '09, 02:46 PM


Hello everyone, I know how frustrating it is to engage a so called "equity or asset" lender, with great anticipation - only to become completely disappointed with their "bank-like" underwriting.

Although we are principals and national direct private lenders ourselves, we have, over the past 15 yrs developed other direct lending sources that we partner with in following areas/states to do hard money lending that DOES NOT require good credit, NOR does it always require DP.

DC, Maryland, Delaware, Virginia, North & South Carolina, Georgia and Florida.

The loan process for this HM is FAST and EASY.

> Minimum credit score 400
> No seasoning requirement
> No upfront processing fees
> Minimal Documentation Required
> Combined Loan-to-Value to 105%

Loan Range = $100,000 to $1.5 M [up to 50% LTV] - AND most property types qualify. This funding is great for borrowers who require FAST closing (in as little as 2 days!) and/or have credit issues.

If interested, please feel free to contact me with any questions you may have. Thanks.


Edited Jun 26 2010, 10:04


T.P. Henry

Real Estate Investor from Tallahassee, Florida

Oct 14 '09, 06:25 PM


Originally posted by Bud Johnson:
Hello everyone, I know how frustrating it is to engage a so called "equity or asset" lender, with great anticipation - only to become completely disappointed with their "bank-like" underwriting.

Although we are principals and national direct private lenders ourselves, we have, over the past 15 yrs developed other direct lending sources that we partner with in following areas/states to do hard money lending that DOES NOT require good credit, NOR does it always require DP.

DC, Maryland, Delaware, Virginia, North & South Carolina, Georgia and Florida.

The loan process for this HM is FAST and EASY.

> Minimum credit score 400
> No seasoning requirement
> No upfront processing fees
> Minimal Documentation Required
> Combined Loan-to-Value to 105%

Loan Range = $100,000 to $1.5 M [up to 50% LTV] - AND most property types qualify. This funding is great for borrowers who require FAST closing (in as little as 2 days!) and/or have credit issues.

If interested, please feel free to contact me with any questions you may have. Thanks.


Do you handle transactional funding too? It would apear that you guys would have the capablity to do that as well and maybe for period longer than 24 hours


Edited Jun 26 2010, 10:04


Clint S.

Real Estate Coach from Thornton, Colorado

Oct 23 '09, 10:24 AM


Yeah those programs are VERY Slim so we wanted to go a different route and try to get people biz loans. We found a program that can get $100,000 to $150,000 in credit lines for investors (even startups). These are not tied to personal credit so they don't care about your credit score.

(one client has 5 LLC's and he is getting the credit lines for each LLC)

Send me a message


Edited Jun 26 2010, 10:13


James Hiddle

Wholesaler from Altus, Oklahoma

Oct 23 '09, 12:43 PM


Hey Clint send details of this program to the email in my sig.


Edited Jun 26 2010, 10:13


Enzennio Mallozzi

Real Estate Investor from stamford, Connecticut

Oct 24 '09, 07:59 AM


Have you considered structuring the debt differently?

take on an equity partner who will sign for debt...that partner esentialy becomes what you are looking for.


Edited Jun 26 2010, 10:13


Joy R.

Real Estate Investor from Hallandale Beach, Florida

Oct 31 '09, 04:30 AM


Yeah those programs are VERY Slim so we wanted to go a different route and try to get people biz loans. We found a program that can get $100,000 to $150,000 in credit lines for investors (even startups). These are not tied to personal credit so they don't care about your credit score.

(one client has 5 LLC's and he is getting the credit lines for each LLC)
Clint: Can you send me the inf on this program. I would greatly appreciate it. Email: [EMAIL REMOVED]


Edited Jun 26 2010, 10:19 by Administrator: Email address removed from post as per forum rules


George Bloom

Hard Money Lender from West Palm Beach, Florida

Nov 01 '09, 09:15 PM


We can help. Email your contact information to us, our email address is in our profile. We will respond with the details of our Hard Money Real Estate Funding Program.


Edited Jun 26 2010, 10:20


Mark Yuschak

Real Estate Investor from Grand Blanc, Michigan

Nov 01 '09, 10:48 PM


Clint - I'm interested in what you have to offer, too. Please send me an email. I have also sent you a collegue request.


Edited Jun 26 2010, 10:20


MYCHAL ADAMS

Jul 21 '10, 04:00 AM


There is one lender I know in California that has a great program. True equity only, no credit, no financials, just shared equity. Just have to scour the internet and find them. Very valuable lender.



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