BiggerPockets

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.

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.

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?

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.

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

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

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

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]

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.

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.