Where are my real lenders.

I have a project in Dallas under LOI. Approximate price is 4 million. I'm coming in with a real 50% down. I want to know if any of you have a 50% loan, 6% or less, interest only payments monthly, with NO LESS than a 10 year due date. If you really do, pm or reply here. I'll be in Dallas next week for this deal. Thanks. Rich.

Edited: 06/26/2010 at 08:18AM

Jonathan Kingston

· Hackensack, New Jersey

23 posts
30 Influence

Icon_minipost May 21 '09, 06:28 AM

Rich,
I work for Kennnedy Funding where we specialize in short term real estate loans. We lend between a 50-60% LTV, however our rates are more between 9-12%. We are a direct lender which allows us to close extremely fast, does this work at all. Please contact me to discuss. Thanks.

Edited: 06/26/2010 at 08:18AM

Rich Weese

Real Estate Investor · sioux falls, South Dakota

4293 posts
43789 Influence
15 Awards

Icon_minipost May 21 '09, 07:17 AM

No. I'm looking for a lender happy with the 50% ltv and charging a normal rate, not hml. Thank you though. Rich.

Edited: 06/26/2010 at 08:18AM

Mary-Beth Morgan ccl

Banker · Kingsport, Tennessee

16 posts
29 Influence

Icon_minipost May 27 '09, 12:41 AM

I wish I knew where they were too Rich, It seems like anyone willing to lend, even hard money, have the same requirements as conforming lenders but are more than happy to charge that 14% interest and 5 points. Just crazy right now.
If you happen to find one that is not a scam, when they are done with your project, send them my way please!
I am looking for under a million (slightly) on a solid rehab in an urban core and any offers are just so crazy interest rates and terms that it make the project not worth it.

Edited: 06/26/2010 at 08:21AM

James Hiddle

Real Estate Investor · Altus, Oklahoma

2515 posts
9267 Influence
7 Awards

Icon_minipost May 27 '09, 03:24 AM

The days of hard money lenders lending based on the property alone are over with.

There might be 1 or 2 that still do that but they are an elusive bunch.

It seems the best recourse is private money.

Edited: 06/26/2010 at 08:21AM

Rich Weese

Real Estate Investor · sioux falls, South Dakota

4293 posts
43789 Influence
15 Awards

Icon_minipost May 27 '09, 03:35 AM

I'm looking for a lender that will go strictly on the property. 50% down on a 4 million dollar deal. REASONABLE rate and term. Anyone?

Edited: 06/26/2010 at 08:21AM

Will Barnard

Rehabber · Santa Clarita, California

7238 posts
54461 Influence
23 Awards

Icon_minipost May 27 '09, 04:08 AM

The days of hard money lenders lending based on the property alone are over with.

There might be 1 or 2 that still do that but they are an elusive bunch.

What are you basing this statement off Mr Investor, because it is simply not true. I have a HML based soley on the property itself and I had several who were willing to do so.

Either way, Rich is not looking for HML, but a conventional loan with a reasonable rate and not hard money rates.

Rich,
I will check with my sources and let you know if this is something they can do.

Edited: 06/26/2010 at 08:21AM

Will Barnard, Barnard Enterprises, Inc.
E-Mail: info@barnardenterprises.com
Website: http://www.barnardenterprises.com
info@barnardenterprises.com

Rich Weese

Real Estate Investor · sioux falls, South Dakota

4293 posts
43789 Influence
15 Awards

Icon_minipost May 27 '09, 04:24 AM

Thanks Will. I appreciate the effort. The property has a great track record of occupancy and income. Rich.

Edited: 06/26/2010 at 08:21AM

J Lee

Real Estate Investor · Moorpark, California

20 posts
89 Influence

Icon_minipost Jun 09 '09, 09:24 AM

Rich, are you still looking for the lender? If so, please contact me.

Edited: 06/26/2010 at 08:30AM

Rich Weese

Real Estate Investor · sioux falls, South Dakota

4293 posts
43789 Influence
15 Awards

Icon_minipost Jun 10 '09, 05:26 AM

I'll e-mail you directly.

Edited: 06/26/2010 at 08:31AM

James Hiddle

Real Estate Investor · Altus, Oklahoma

2515 posts
9267 Influence
7 Awards

Icon_minipost Jun 10 '09, 05:41 AM

Originally posted by nationwidepi

The days of hard money lenders lending based on the property alone are over with.

There might be 1 or 2 that still do that but they are an elusive bunch.

What are you basing this statement off Mr Investor, because it is simply not true. I have a HML based soley on the property itself and I had several who were willing to do so.

Either way, Rich is not looking for HML, but a conventional loan with a reasonable rate and not hard money rates.

Rich,
I will check with my sources and let you know if this is something they can do.

Well every HML lender that I came across always want either spot on credit,proof of income or both.

I never found one that just lent on the property itself but if you have one that does that Will send him my way.

Edited: 06/26/2010 at 08:31AM

Nancy Dito

Real Estate Investor · Mission Viejo, California

129 posts
685 Influence
3 Awards

Icon_minipost Jun 10 '09, 08:16 AM

Will,

Are you willing to share those lenders with a very driven investor who wants to buy something here in California? Please let me know.

You can email me. We spoke yesterday about your program.

Thank You,
Nancy Dito

Edited: 06/26/2010 at 08:31AM

Todd Hart

Commercial Lender · Lone Tree, Colorado

12 posts
18 Influence

Icon_minipost Jun 16 '09, 01:10 PM

Hi Rich

at 50% LTV we may be able to help you if the property hits our DSCR and meets the requirements. Shoot me over some details and I will get you a quote. Some of our rates are under 6%, depends on the property type, etc.

Edited: 06/26/2010 at 08:37AM

Rich Weese

Real Estate Investor · sioux falls, South Dakota

4293 posts
43789 Influence
15 Awards

Icon_minipost Jun 16 '09, 08:04 PM

I received a loi from a lender for 65% loan, 6.25% for first 5 and automatic renewal for additional 5 at 6.875. Do you have something better? Income and tax returns are very strong, but FICOS are mid 600's. What you got? 150 units, excellent for class C and 92% occ for nearly 3 years. Thanks. Rich.

Edited: 06/26/2010 at 08:37AM