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Private Lending & Conventional Mortgage Advice

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Quentin Mitchell
  • Investor
  • Chicago, IL
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Private Lending (how did you find them)

Quentin Mitchell
  • Investor
  • Chicago, IL
Posted Nov 11 2019, 10:03

I was just wondering, what were some of the ways that you were able to find a good private lender or even a good hard money lender to fund your deals. 

What did you find was the best resource to scale your business not only the fastest but the best?

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Tom S.
  • Real Estate Investor
  • Burlington, VT
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Tom S.
  • Real Estate Investor
  • Burlington, VT
Replied Nov 11 2019, 12:11

@Quentin Mitchell  Friends and family are your true private lenders, so reaching out to my network was the way I got started.

That said, I still use bank loans for most of my funding. 4% fixed for 30 years are terms you're not going to get from private lenders, and definitely not HML.

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Quentin Mitchell
  • Investor
  • Chicago, IL
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197
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Quentin Mitchell
  • Investor
  • Chicago, IL
Replied Nov 11 2019, 17:57
Originally posted by @Tom S.:

@Quentin Mitchell  Friends and family are your true private lenders, so reaching out to my network was the way I got started.

That said, I still use bank loans for most of my funding. 4% fixed for 30 years are terms you're not going to get from private lenders, and definitely not HML.

I hear you but I was just checking if people had any creative ways may be that I haven't taught of.

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Tyler Weaver
  • Investor
  • Cincinnati, OH
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Tyler Weaver
  • Investor
  • Cincinnati, OH
Replied Nov 12 2019, 08:04

Self directed IRA's. Pretty much anyone who has been employed for a while, and switched employers now has control over their 401k. They have the potential to have funds that can be moved to a SDIRA where it can then be used to invest in real estate.