I am working on acquiring a 4 unit apartment building and am looking to get the down payment and closing costs covered either through an investor and/or hard money lender.
Can anyone help with a recommendation for a hard money lender in PA? Positives vs negatives?
I'm looking for about $50,000.
Building has very good income and solid rent history.
what your looking for is gap financing or 100% financing. Unless you have an existing relationship and very LONG term track record.. this is virtually impossible to find .
your best bet is an EQUITY partner.. to match up to the 70% LTV or LTC HML your going to get to secure the asset.
DO not GET SUCKED into those that will tell you they can do it just need to send them a few bucks up front.. those are pump and dump scammers.. which are very prevalent on BP when you ask for money.
DOHARDMONEY in Utah will do 100% but they charge 3 to 4k up front.. and then a due diligence fee etc etc.. with NO gurantee they will fund your deal.. mixed reviews on them but I have heard they acutally can close a deal.
Gorilla Capital out of Eugene Oregon has rolled out a 90% LTC program that is more equity share than HML.. you can take with Evan Weiser he is on this site.. John Helmick the owner is a business acquaintance of I and he has a for real company that can fund if you meet the requirements.
Thanks for the quick reply... so to be clear you're suggesting that my best bet is to find a private and/or equity investor to partner with me?
yes if you do not have 30% down in cash and significant reserves and or any kind of track record in the business or other collateral you could use as Cross Collateral.. then this would be the ONLY way your going to do it.
there is NO NO money down for beginners.. short of the one company that I suggested but its not no money down you have to send them 3 to 4k before they will even consider your deal and there is no gaurangee they will fund.. but they do fund some folks .. but I suspect they make a large % of their revenue on the 3k when the beginners they work with never can put a real deal together.
Thanks, that's helpful.
I do have 7 properties, but I don't think there is enough equity to pull for a line in that amount.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing