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Private Lending & Conventional Mortgage Advice

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Aaron B. Lewis
  • Real Estate Broker
  • Detroit, MI
50
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103
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Seeking short term secured financing on rehab (Construction loan in place)

Aaron B. Lewis
  • Real Estate Broker
  • Detroit, MI
Posted Apr 6 2023, 08:57

Summary- I am rehabbing a 3 family (into a 4 family) have secured a construction loan (183k) I have successfully completed 4 phases with four draws clean out, demo, framing, and roof totaling 43k


I am now ready to order windows and am looking for a private lender to loan the funds for purchase of windows and get a return in 8-10 weeks after windows are delivered and installed from draw on construction loan



My journey in real estate began about 22 years ago.

Immediately after college, I started buying cheap properties from the tax auction, some would have tenants and I would collect rent day one, others would need rehab which I would do and then rent for positive cash flow. My bread and butter were 2-family flats that I would fix up and rent out.

Since then, I’ve done just about everything:

Track record here https://docsend.com/view/i3sg3cgs75r5c7i6

- BRRR
- Fix and flip
- Lease options
- Private lending
- House hacking
- Contract for deeds
- Multi-family rentals
- Single-family rentals
- New home construction
- Limited partner syndications

Today, I have more projects and opportunities then funds and partners.


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Sarah Hatton
Pro Member
  • Lender
  • San Diego
48
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69
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Sarah Hatton
Pro Member
  • Lender
  • San Diego
Replied Apr 6 2023, 13:03

Hey Aaron, 

Just a thought - have you explored opening a no-interest credit card for the window expense? I've had a few borrowers front rehab on CC until they get reimbursed and this was one strategy a borrower shared. 

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Dave Skow
  • Lender
  • Seattle, WA
862
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2,498
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Dave Skow
  • Lender
  • Seattle, WA
Replied Apr 6 2023, 13:19

@Aaron B. Lewis-  thanks ...did the construction loan not budget for the windows?    Can you  buy and  finance the  windows  thru the  window dealer ?   Can  you leverage  any other  asset ?  ( present home via heloc/  credit card/ personal loan ?   401k loan ?  family loan ?   cash otu refinance ?  Good luck 

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User Stats

103
Posts
50
Votes
Aaron B. Lewis
  • Real Estate Broker
  • Detroit, MI
50
Votes |
103
Posts
Aaron B. Lewis
  • Real Estate Broker
  • Detroit, MI
Replied Apr 6 2023, 14:37
Quote from @Sarah Hatton:

Hey Aaron, 

Just a thought - have you explored opening a no-interest credit card for the window expense? I've had a few borrowers front rehab on CC until they get reimbursed and this was one strategy a borrower shared. 

thanks, yes great idea I do not have $25k available on credit cards at this time.


User Stats

103
Posts
50
Votes
Aaron B. Lewis
  • Real Estate Broker
  • Detroit, MI
50
Votes |
103
Posts
Aaron B. Lewis
  • Real Estate Broker
  • Detroit, MI
Replied Apr 6 2023, 14:39

Hi Dave, construction loans is on draws so the materials need to be purchased and installed then inspected to pull down on construction funds being held in escrow.