Help. I need some advice from an experienced investor that uses hard money lending.

Member since 2018 · 17 posts · 1 vote

Please let me know if you're willing to give me 15 minutes of your time to discuss hard money lending, default loans and refinancing. I am desperate. Thanks.

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Erik EstradaBusiness Member
Lender · Member since 2022 · 6k+ posts · 1k+ votes
3y
Hello Glenn,
What did you need help with?
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Glenn Martin
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Member since 2018 · 17 posts · 1 vote
3y
I need help/guidance. I’m desperate. I have four portfolio loans on 39 doors in total. I am already in default (2 1/2 months) and paid a lot of money to extend the loans for 90 days. I have not gotten to the end of the 4 refinances and now I have decided to dump the entire portfolio. I already invested a lot of money and I know I will lose that investment. I’m over it. Should I close ont he 4 loans and lose the closing costs to get into 4 new 3 year bridge loans and then sell, or ask the lender to give me another extension (they said they wont, but I can beg), or ignore the lender and just try to sell while the loan slides into default again (what would happen in this scenario?). Thanks.
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JD MartinBusiness Member
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Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 17k+ votes
3y
Quote from @Glenn Martin:

I need help/guidance. I’m desperate. I have four portfolio loans on 39 doors in total. I am already in default (2 1/2 months) and paid a lot of money to extend the loans for 90 days. I have not gotten to the end of the 4 refinances and now I have decided to dump the entire portfolio. I already invested a lot of money and I know I will lose that investment. I’m over it. Should I close ont he 4 loans and lose the closing costs to get into 4 new 3 year bridge loans and then sell, or ask the lender to give me another extension (they said they wont, but I can beg), or ignore the lender and just try to sell while the loan slides into default again (what would happen in this scenario?). Thanks.

No good way to answer without knowing a lot of specifics - property type, location, loan amounts, monthly note cost, gross rental cash flow & vacancy level, etc.
In general it is usually best to sell of your own accord than lose properties by defaulting. This is especially true if they are recourse loans, in which they can come after your assets to be made whole.
If you post up some of your details I'd bet you will get some decent free help.
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Glenn Martin
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Member since 2018 · 17 posts · 1 vote
3y
https://docs.google.com/spreadsheets/d/1gNBArR4sZidC_XAZIEN6...
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