Private Money Lenders in Maine?

Question

Hello!

I currently manage a 63 vacation rentals along the southern Maine coast as well as 13 long-term rentals & am very involved in that market.

I am currently in the infancy stages of acquiring my first investment property. I have come across a duplex in a local class C neighborhood, which proved to have very healthy cashflow when I ran the numbers using the BP rental property calculator (conventional loan terms). The property need approx. $30k in rehab (generous number), however I have plenty of resources within this region to complete them in a timely manner.

There are a few factors why I believe it makes more sense for me to utilize a PML at this time, but finances are the biggest setback - I have three kiddos and am the head of household and I'm not willing to jeopardize their stability. However, I don't want to see this pass by.

I would love to discuss terms with a PML to see if that route will make it happen. If anyone is, or knows of one, please let me know!

John

Dan Weber · Answer

@John Guy, shoot me a dm and I'll send you a couple local HML as well as a couple mortgage brokers you could talk to on the FHA side of things.

Tim Callahan · Answer

I've got a couple HML names too if you want to DM me.

John Guy · Answer

Hey Erik, thanks for the info!

This would be my first property - I currently rent & will be utilizing an FHA down the road. I was looking for terms along those lines... 80-90% LTV with 100% rehab is about what I was hoping for. Ideally it would be a 12mo, interest-only with no prepay penalties. Would eventually end in a refinance. However, if it be a 30yr fixed I'd assume 7% floor in this market.

Erik Estrada · Answer

Hey John!

Will this be your first property ever? Or do you own at least a primary residence? If it's "private money" you might find those sources through a relative, colleague  or friend that will lend you money.

If it's a hard money loan, there are a few that will work with first time investors, as long as the value is there. If that's the case then you might be able to do a 90% LTV loan with 100% of the rehab financed, as long as the FICO and value is there.

Private Money Lenders in Maine?

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