Anyone want to recommend a hard money lender?

[Jonathan Davis]

Hi BP Nation,

I am in Memphis, TN and I just completed a successful flip. I am now putting offers in on properties that I plan to BRRRR.

My challenge is this - it usually takes me about 30 days to close through my bank. I recently lost on an opportunity because another investor could close more quickly than I could.

I have a great relationship with my bank, but I think adding a hard money lender to my “toolbox” would be helpful.

Any referrals or recommendations would be appreciated.

Thanks!

Jonathan

[Eric Johnson]

Hello Jonathan, expect 80-85% initial acquisition with 100% construction on holdback. Refi is an asset-based 30yr loan, 6 months ownership seasoning required to pull market value. 9.25% on bridge and probably about 5.00-5.50% on the refi. 

[Joe Aiola]

@Jonathan Davis Congrats on the flip! I don't know any lenders who lend in TN but you made a good decision by posting here - BP is a great way to network. I would also suggest looking on LinkedIn if you haven't done that already.

Best of luck!

[Timothy Lewis]

@Tony Freeman Can help you out on this.

[Jonathan Davis]

@Eric Johnson

Thanks for the information. Any particular lender you’d recommend?

[Jonathan Davis]

@Joe Aiola

Thanks Joe! I think posting here and getting a referral from fellow investors would be better than using google.

[Jonathan Davis]

@Timothy Lewis

Thank you for the referral! I will contact him.

[Michael Kinsella]

Hi Jonathan,

Below are a few good starting points with regards to your lender search…

The ‘Network’ tab on BiggerPockets has a hard money lenders tab, and you can search by state.

Local meetups

Speaking with local realtors

Speaking with title companies

Speaking with other investors in your area who focus on your property type can be particularly helpful. If they've had a good experience with a lender, then chances are you are setting yourself up for success down the road.

Online search/databases. Simply by searching online you can find a number of quality reputable national lenders. If you want to get more specific, then you can type in your location, e.g. 'Memphis' along with your hard money lender search query. 'Memphis hard money lender' would be a reasonable starting point.

Hope this helps,

Michael

[Jay Hinrichs]

Originally posted by @Michael Kinsella:

Hi Jonathan,

Below are a few good starting points with regards to your lender search…

The ‘Network’ tab on BiggerPockets has a hard money lenders tab, and you can search by state.

Local meetups

Speaking with local realtors

Speaking with title companies

Speaking with other investors in your area who focus on your property type can be particularly helpful. If they've had a good experience with a lender, then chances are you are setting yourself up for success down the road.

Online search/databases. Simply by searching online you can find a number of quality reputable national lenders. If you want to get more specific, then you can type in your location, e.g. 'Memphis' along with your hard money lender search query. 'Memphis hard money lender' would be a reasonable starting point.

Hope this helps,

Michael

TN requries a state specific license for 1 to 4 units.. so not as many choices there.. depends on the size as well.. many wont go under 100k or 75k.. etc.. so i guess it just depends. Ask you banker for a LOC for this specific purpose.. thats what i have for buying courthouse steps

you get a small unsecured line from your bank to take it down then secure it up after the fact..  does not hurt to ask.

[Spencer Abeyta]

Hello @Jonathan Davis! I reached out to connect but I wasn’t able to attach a message. I’m looking to invest in Memphis and maybe we could discuss partnering up and we could help each other out :)

[Jonathan Davis]

@Michael Kinsella

That is helpful, thank you.

[Tony Freeman]

@Jonathan Davis I sent you a connection request.

Respectfully,