LOOKING FOR HARD MONEY LENDERS IN SALEM, OREGON

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Account Closed
Accountant · San Diego, CA · Member since 2019 · 1k+ posts · 552 votes
4y

I wouldn't lead with "I'm looking to compare rates". As a private lender, I want to work with experienced flippers who want to build a relationship with me, and can count on me to be flexible when they need me. If you are concerned about getting the lowest points/interest possible, consider that you may be being penny wise and pound foolish when it comes to business connections. the stronger your relationship with private lenders generally the better terms you can get, and the easier your life with be in respect to getting loans. 

I hope this shifts your perspective a bit! 

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  • Robin SimonBusiness Member
    Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
    4y

    Are you looking for local lenders only, or would you be open to working with a national platform that lends in Oregon and is familiar with the area?

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  • Beth JohnsonPro Member
    Lender · Renton, WA · Member since 2018 · 227 posts · 216 votes
    4y

    Reach out to Merchants Mortgage. Bob Thomas is a great HML to work with and an investor based in the Portland area, though Merchants is regional and headquartered in CO.

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  • Jared RineBusiness Member
    Lender · Sacramento, CA · Member since 2009 · 1k+ posts · 277 votes
    4y

    @Jesse Howell...what kind of deal?  

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  • Jesse HowellPro Member
    OP
    Rental Property Investor · Salem, OR · Member since 2019 · 31 posts · 29 votes
    4y

    I want to line up financing for flips in the near future.

    0Reply
  • Jesse HowellPro Member
    OP
    Rental Property Investor · Salem, OR · Member since 2019 · 31 posts · 29 votes
    4y
    Quote from @Robin Simon:

    Are you looking for local lenders only, or would you be open to working with a national platform that lends in Oregon and is familiar with the area?


     Robin,

    Yes, I'm open to that for sure.

    0Reply
  • Jesse HowellPro Member
    OP
    Rental Property Investor · Salem, OR · Member since 2019 · 31 posts · 29 votes
    4y
    Quote from @Beth Johnson:

    Reach out to Merchants Mortgage. Bob Thomas is a great HML to work with and an investor based in the Portland area, though Merchants is regional and headquartered in CO.


     Beth,

    Thank you for the info, I will reach out this week and touch base.

    0Reply
  • Jared RineBusiness Member
    Lender · Sacramento, CA · Member since 2009 · 1k+ posts · 277 votes
    4y

    @Jesse Howell..I usually run on commercial, and I don't think they're the cheapest but they're aggressive and nimble.  Check Cetan Funds.  Zach Smith.  I've done a couple deals with them for clients.

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  • Nick BelskyBusiness Member
    Residential and Commercial Broker · Member since 2021 · 1k+ posts · 704 votes
    4y

    @Jesse Howell

    For fix and flips, your experience will likely carry more weight on the terms than your FICO.

    Lenders are still doing up to 100% financing on purchase and rehab if you've got the right experience.

    If not, 95LTC is ok, but 9-11% interest only payments for 12 months is pretty typical...

    Cheers!

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  • Account Closed
    Accountant · San Diego, CA · Member since 2019 · 1k+ posts · 552 votes
    4y

    I wouldn't lead with "I'm looking to compare rates". As a private lender, I want to work with experienced flippers who want to build a relationship with me, and can count on me to be flexible when they need me. If you are concerned about getting the lowest points/interest possible, consider that you may be being penny wise and pound foolish when it comes to business connections. the stronger your relationship with private lenders generally the better terms you can get, and the easier your life with be in respect to getting loans. 

    I hope this shifts your perspective a bit! 

    3Reply
  • Jesse HowellPro Member
    OP
    Rental Property Investor · Salem, OR · Member since 2019 · 31 posts · 29 votes
    4y
    Quote from @Account Closed:

    I wouldn't lead with "I'm looking to compare rates". As a private lender, I want to work with experienced flippers who want to build a relationship with me, and can count on me to be flexible when they need me. If you are concerned about getting the lowest points/interest possible, consider that you may be being penny wise and pound foolish when it comes to business connections. the stronger your relationship with private lenders generally the better terms you can get, and the easier your life with be in respect to getting loans. 

    I hope this shifts your perspective a bit! 


     Zachary,

    I appreciate the feedback.  While I'm sure I could have worded my question a little better, I didn't say I was looking for the lowest points/interest possible.  I said I was looking for recommendations and want to compare terms/rates and options, which I think is just good business.  If I could pass on some perspective to you, it would be to not make assumptions.  I have very good business and commercial lender relationships I have built over the years and getting loans is not a problem for me.  Best of luck to you.

    1Reply
  • Jesse HowellPro Member
    OP
    Rental Property Investor · Salem, OR · Member since 2019 · 31 posts · 29 votes
    4y
    Quote from @Jared Rine:

    @Jesse Howell..I usually run on commercial, and I don't think they're the cheapest but they're aggressive and nimble.  Check Cetan Funds.  Zach Smith.  I've done a couple deals with them for clients.


     Jared,

    Thank you for the info and referral.  I will reach out.

    1Reply
  • Jesse HowellPro Member
    OP
    Rental Property Investor · Salem, OR · Member since 2019 · 31 posts · 29 votes
    4y
    Quote from @Nick Belsky:

    @Jesse Howell

    For fix and flips, your experience will likely carry more weight on the terms than your FICO.

    Lenders are still doing up to 100% financing on purchase and rehab if you've got the right experience.

    If not, 95LTC is ok, but 9-11% interest only payments for 12 months is pretty typical...

    Cheers!


     Nick,

    I appreciate the reply and info, thank you.

    0Reply
  • JJ Lunsford
    Lender · Member since 2022 · 61 posts · 12 votes
    4y

    Hey Jesse, we do a lot of work with investors in the area, would love to learn more about your strategy and see if what we do would be helpful to you!

    0Reply
  • Ryan Deasy
    Lender · Farmington, CT · Member since 2015 · 542 posts · 321 votes
    4y

    @Jesse Howell

    many HMLs can lend across state lines. it may not really matter if they are local. i have been using a great one.

    0Reply
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