BRRRR Financing in Charleston, SC

[Kyle Ewanic]

So I'm new to the Charleston area and I'm looking into a property on the MLS that needs A LOT of interior updating work. I'm a GC so I intend to live in renovate the property myself.

A hard money lender reached out to me via email and says he'd be willing to finance my project at 5%. Seems too good to be true...the fee he's charging is $2500. My issue is, he doesn't have any website or Facebook so I'm not sure if I want to go with this person.

My credit is around a 650 and I haven't lived in the area long enough yet so I'd like to try to not have my credit run because I don't think I'll get approved and I'll just hurt my credit when it gets checked.

Does anyone know where I could find a hard Money lender in my area for my first Charleston investment?

Any and all advice is greatly appreciated!! Thank you.

Kyle

[Troy Gandee]

@Kyle Ewanic That sounds sketchy. A rehab loan will usually have something like a 2% origination fee and some pretty steep processing fees, but those are payable at closing. And 5% rates is just too good to be true with a sub-700 credit score and little personal investing history. I would be weary. Most rehab loan rates are going to be at least 8%, but typically over 10%. And a reputable lender will have a website. That's how the build credibility. You should reach out to RehabWallet, Coastal Equity Group or Robert Wade at Tangent Mortgage. All are legitimate lenders that I use frequently.