Hey group. Do any of you with experience in in the NOLA/Southeast Louisiana have some suggestion for any hard money lenders or portfolio lenders? Thanks in advance.
Local community banks such as Heritage Bank on the Northshore can help with portfolio loans. Hard money lenders are few and far between in NOLA.
Thanks so much. I'll check them out.
There are plenty of nationwide hard money lenders that will lend in Louisiana. Just Google "Hard Money Lenders Louisiana". Or better yet, use BP to search. See here: https://www.biggerpockets.com/companies/hard-money/louisiana
Keep in mind that hard money lenders will offer different rates and terms based on your level of experience. The interest rate with HM is usually 10% or more, with 2-3 points being paid on top of that. This makes for high monthly payments until the project is finished. And you need to be meticulous with your bookkeeping, as HM lenders want paid receipts for every single item before they will reimburse you for each draw.