Private Money Terms - Short Term Funds

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Private Money Terms - Short Term Funds

Kristian Peter
Investor · San Diego, CA · Member since 2008 · 160 posts · 35 votes

CA Short Term Loans (90 days) -

Has anyone found private money for very short term financing for single-family homes? If so, what are the terms?

I've heard from several people that there are lenders doing 2-3 points and 12% on 65% LTV - but I have yet to find a lender that will fund with anything close to those terms. Even if the terms are extremely short, 3 months...

Anything that you can share will be helpful!

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  • Jason S.
    Investor · Diamond Bar, CA · Member since 2009 · 446 posts · 233 votes
    16y

    One that comes to mind is the Norris Group out of Riverside -

    3.5 pts + $1050 12% no pre-pay. There are some cheaper sources but they came to mind first.

    If you want some others I will pull a list for you - just PM me.

    0Reply
  • Brian Wall
    Wholesaler · Santa Fe Springs, CA · Member since 2009 · 219 posts · 83 votes
    16y

    Kristian,
    It is not "publicly available" funding, but just to let you know.

    I am using private lender and paying 3pts and 15% (annual interest rate), with no prepay penalty.

    They have loaned at an 80% LTV of ARV.

    I currently have 3 loans with them, total of $920,000

    Brian

    0Reply
  • Kristian Peter
    OP
    Investor · San Diego, CA · Member since 2008 · 160 posts · 35 votes
    16y

    JCC / Brian,

    I appreciate your help - if anyone has any other sources, please email me.

    0Reply
  • Enrique B.
    Hard Money Lender · Los Angeles, CA · Member since 2010 · 5 posts · 0 votes
    16y

    The range of terms stated by Brian and JCC are about right when it comes to what you are looking for. Feel free to send me a message for those types of needs, I work one on one with a few private investors who fund hard money loans. I work on a case by case basis as far as terms go.

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  • Kristian Peter
    OP
    Investor · San Diego, CA · Member since 2008 · 160 posts · 35 votes
    16y

    Enrique - I'll send you a message to check on the terms of your private money.

    Thanks,
    KP

    0Reply
  • Account Closed
    Real Estate Investor · Flushing, NY · Member since 2010 · 77 posts · 20 votes
    16y

    Hello Brian Wall:
    May I ask what the loan term (how many months) is the private money for? Thank you.

    David H.

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  • Brian Wall
    Wholesaler · Santa Fe Springs, CA · Member since 2009 · 219 posts · 83 votes
    16y

    The length of time is 6 months.

    If we need more time, we have it pre-negotiated to pay a penalty of .25% (one quarter pt) for each month after the 6 months.

    Brian

    0Reply
  • Mirko Lopez
    Real Estate Investor · Orange County, CA · Member since 2009 · 19 posts · 0 votes
    16y

    I am interested in lending some money. Only have about 500K left. I prefer buying existing, performing junior notes. Orange County CA only, as I want to see the property. I don't want to be the broker originating the loan but I will look at existing or newly created notes.

    0Reply
  • Account Closed
    Real Estate Investor · Chicago, IL · Member since 2009 · 67 posts · 7 votes
    16y

    Hello: this message is for Brian and JCC.

    Are the lenders that you two are using only loaning in California. Because I am in need of funding in Chicago?

    0Reply
  • William S
    Member since 2008 · 56 posts · 33 votes
    16y

    Kristian,

    Are you referring to hard money lenders or individuals who privately lend out their money to investors?... Two totally different avenues btw.

    0Reply
  • Brenda N.
    Private Money Lender · Castro Valley, CA · Member since 2010 · 4 posts · 0 votes
    16y

    I am a private lender in the SF Bay area. Contact me for more details.

    0Reply
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