BHG Financial Review
Investor · Austin, TX · Member since 2018 · 61 posts · 24 votes
BHG Financial Review
14 Replies
Quote from @Daniel Tisdale:
Hi,
I have received an offer from BHG Financial for a loan of $155K with around a 15% interest rate to be paid back over 10 years. This would not be reported to my personal credit and I am looking at using the funds to improve my existing investments and purchase additional properties.
Has anyone worked with them before?
Thanks,
Danielwill they require a personal guarantee for the loan?
Hurst Real Estate, INC4.986 Reviews- 3yErik EstradaBusiness MemberLender · Member since 2022 · 6k+ posts · 1k+ votesIs this loan secured by real estate or unsecured? And is it a recourse or non recourse loan?
Quote from @Daniel Tisdale:
Hi,
I have received an offer from BHG Financial for a loan of $155K with around a 15% interest rate to be paid back over 10 years. This would not be reported to my personal credit and I am looking at using the funds to improve my existing investments and purchase additional properties.
Has anyone worked with them before?
Thanks,
Daniel
LuxePrivate Investments LLC 570 Reviews - Investor · Austin, TX · Member since 2018 · 61 posts · 24 votes3y
Quote from @Jay Hurst:
Quote from @Daniel Tisdale:
Hi,
I have received an offer from BHG Financial for a loan of $155K with around a 15% interest rate to be paid back over 10 years. This would not be reported to my personal credit and I am looking at using the funds to improve my existing investments and purchase additional properties.
Has anyone worked with them before?
Thanks,
Danielwill they require a personal guarantee for the loan?
Yes they do require a personal guarantee, but no collateral for it.
- Investor · Austin, TX · Member since 2018 · 61 posts · 24 votes3y
Quote from @Erik Estrada:
Is this loan secured by real estate or unsecured? And is it a recourse or non recourse loan?Quote from @Daniel Tisdale:
Hi,
I have received an offer from BHG Financial for a loan of $155K with around a 15% interest rate to be paid back over 10 years. This would not be reported to my personal credit and I am looking at using the funds to improve my existing investments and purchase additional properties.
Has anyone worked with them before?
Thanks,
DanielIt is unsecured and is a non recourse loan.
Quote from @Daniel Tisdale:
Quote from @Jay Hurst:
Quote from @Daniel Tisdale:
Hi,
I have received an offer from BHG Financial for a loan of $155K with around a 15% interest rate to be paid back over 10 years. This would not be reported to my personal credit and I am looking at using the funds to improve my existing investments and purchase additional properties.
Has anyone worked with them before?
Thanks,
Danielwill they require a personal guarantee for the loan?
Yes they do require a personal guarantee, but no collateral for it.
@Daniel Tisdale In that case it will go against your personal credit. So, IF you have collateral to borrow against why pay the significant interest premium?
Hurst Real Estate, INC4.986 Reviews- Investor · Austin, TX · Member since 2018 · 61 posts · 24 votes3y
Quote from @Jay Hurst:
Quote from @Daniel Tisdale:
Quote from @Jay Hurst:
Quote from @Daniel Tisdale:
Hi,
I have received an offer from BHG Financial for a loan of $155K with around a 15% interest rate to be paid back over 10 years. This would not be reported to my personal credit and I am looking at using the funds to improve my existing investments and purchase additional properties.
Has anyone worked with them before?
Thanks,
Danielwill they require a personal guarantee for the loan?
Yes they do require a personal guarantee, but no collateral for it.
@Daniel Tisdale In that case it will go against your personal credit. So, IF you have collateral to borrow against why pay the significant interest premium?
They mentioned that it is not reported on my personal credit. What rates are you seeing for a working capital loan? I’m open to looking at other options, but wanted to get people’s thoughts on this one and it sounds like the rate is fairly high.
Quote from @Daniel Tisdale:
Quote from @Jay Hurst:
Quote from @Daniel Tisdale:
Quote from @Jay Hurst:
Quote from @Daniel Tisdale:
Hi,
I have received an offer from BHG Financial for a loan of $155K with around a 15% interest rate to be paid back over 10 years. This would not be reported to my personal credit and I am looking at using the funds to improve my existing investments and purchase additional properties.
Has anyone worked with them before?
Thanks,
Danielwill they require a personal guarantee for the loan?
Yes they do require a personal guarantee, but no collateral for it.
@Daniel Tisdale In that case it will go against your personal credit. So, IF you have collateral to borrow against why pay the significant interest premium?
They mentioned that it is not reported on my personal credit. What rates are you seeing for a working capital loan? I’m open to looking at other options, but wanted to get people’s thoughts on this one and it sounds like the rate is fairly high.
@Daniel Tisdale Says it right on their website:
3There is no impact on your credit for applying. For personal loans, a complete credit history, which will appear as an inquiry on your credit report, will be performed upon acceptance and funding of the loan and may impact your credit.https://bhgmoney.com/loans/personal#bhgaccordion-bc4ff7afd6-...
Hurst Real Estate, INC4.986 ReviewsQuote from @Daniel Tisdale:
Quote from @Jay Hurst:
Quote from @Daniel Tisdale:
Quote from @Jay Hurst:
Quote from @Daniel Tisdale:
Hi,
I have received an offer from BHG Financial for a loan of $155K with around a 15% interest rate to be paid back over 10 years. This would not be reported to my personal credit and I am looking at using the funds to improve my existing investments and purchase additional properties.
Has anyone worked with them before?
Thanks,
Danielwill they require a personal guarantee for the loan?
Yes they do require a personal guarantee, but no collateral for it.
@Daniel Tisdale In that case it will go against your personal credit. So, IF you have collateral to borrow against why pay the significant interest premium?
They mentioned that it is not reported on my personal credit. What rates are you seeing for a working capital loan? I’m open to looking at other options, but wanted to get people’s thoughts on this one and it sounds like the rate is fairly high.
A collateralized loan is always going to be a better rate for obvious reasons. If you have to get an unsecured loan, I would shop around a bit, maybe try Greensky, but the 15% maybe the best you are going to do I really do not know. But, my point, is if you have real estate with equity you will get a lower rate and longer term then an unsecured loan.
Hurst Real Estate, INC4.986 Reviews- Investor · Austin, TX · Member since 2018 · 61 posts · 24 votes3yI probably should’ve clarified in my original post, but this would be a business loan and not a personal loan.
Quote from @Jay Hurst:
Quote from @Daniel Tisdale:
Quote from @Jay Hurst:
Quote from @Daniel Tisdale:
Quote from @Jay Hurst:
Quote from @Daniel Tisdale:
Hi,
I have received an offer from BHG Financial for a loan of $155K with around a 15% interest rate to be paid back over 10 years. This would not be reported to my personal credit and I am looking at using the funds to improve my existing investments and purchase additional properties.
Has anyone worked with them before?
Thanks,
Danielwill they require a personal guarantee for the loan?
Yes they do require a personal guarantee, but no collateral for it.
@Daniel Tisdale In that case it will go against your personal credit. So, IF you have collateral to borrow against why pay the significant interest premium?
They mentioned that it is not reported on my personal credit. What rates are you seeing for a working capital loan? I’m open to looking at other options, but wanted to get people’s thoughts on this one and it sounds like the rate is fairly high.
@Daniel Tisdale Says it right on their website:
3There is no impact on your credit for applying. For personal loans, a complete credit history, which will appear as an inquiry on your credit report, will be performed upon acceptance and funding of the loan and may impact your credit.https://bhgmoney.com/loans/personal#bhgaccordion-bc4ff7afd6-...
” Will an Existing Business Investment Loan affect my personal credit? No. Applying for our business loans will not impact your personal credit. We only perform a soft pull of your credit when you apply, so your score will remain intact. After you’re funded, your BHG Money business loan will not be reported to the credit bureaus. However, if your account becomes delinquent, we can report the delinquent trade line to the bureaus.”
https://bhgmoney.com/loans/business/investment - Investor · Austin, TX · Member since 2018 · 61 posts · 24 votes3yThat is definitely helpful. I do have about 600k in equity locked up across 3 properties right now (1 primary, 2 investment properties) and I am just looking for the best and most price effective way to tap into that equity. Up to this point, I have just been able to grow using savings, W2 and a cash-out refi before rates went crazy, so this is a new situation to me. Open to any and all ideas and suggestions if you have some!
Quote from @Jay Hurst:
Quote from @Daniel Tisdale:
Quote from @Jay Hurst:
Quote from @Daniel Tisdale:
Quote from @Jay Hurst:
Quote from @Daniel Tisdale:
Hi,
I have received an offer from BHG Financial for a loan of $155K with around a 15% interest rate to be paid back over 10 years. This would not be reported to my personal credit and I am looking at using the funds to improve my existing investments and purchase additional properties.
Has anyone worked with them before?
Thanks,
Danielwill they require a personal guarantee for the loan?
Yes they do require a personal guarantee, but no collateral for it.
@Daniel Tisdale In that case it will go against your personal credit. So, IF you have collateral to borrow against why pay the significant interest premium?
They mentioned that it is not reported on my personal credit. What rates are you seeing for a working capital loan? I’m open to looking at other options, but wanted to get people’s thoughts on this one and it sounds like the rate is fairly high.
A collateralized loan is always going to be a better rate for obvious reasons. If you have to get an unsecured loan, I would shop around a bit, maybe try Greensky, but the 15% maybe the best you are going to do I really do not know. But, my point, is if you have real estate with equity you will get a lower rate and longer term then an unsecured loan.
Quote from @Daniel Tisdale:
That is definitely helpful. I do have about 600k in equity locked up across 3 properties right now (1 primary, 2 investment properties) and I am just looking for the best and most price effective way to tap into that equity. Up to this point, I have just been able to grow using savings, W2 and a cash-out refi before rates went crazy, so this is a new situation to me. Open to any and all ideas and suggestions if you have some!Quote from @Jay Hurst:
Quote from @Daniel Tisdale:
Quote from @Jay Hurst:
Quote from @Daniel Tisdale:
Quote from @Jay Hurst:
Quote from @Daniel Tisdale:
Hi,
I have received an offer from BHG Financial for a loan of $155K with around a 15% interest rate to be paid back over 10 years. This would not be reported to my personal credit and I am looking at using the funds to improve my existing investments and purchase additional properties.
Has anyone worked with them before?
Thanks,
Danielwill they require a personal guarantee for the loan?
Yes they do require a personal guarantee, but no collateral for it.
@Daniel Tisdale In that case it will go against your personal credit. So, IF you have collateral to borrow against why pay the significant interest premium?
They mentioned that it is not reported on my personal credit. What rates are you seeing for a working capital loan? I’m open to looking at other options, but wanted to get people’s thoughts on this one and it sounds like the rate is fairly high.
A collateralized loan is always going to be a better rate for obvious reasons. If you have to get an unsecured loan, I would shop around a bit, maybe try Greensky, but the 15% maybe the best you are going to do I really do not know. But, my point, is if you have real estate with equity you will get a lower rate and longer term then an unsecured loan.
well, a cash out refi is still much lower then 15%.
Hurst Real Estate, INC4.986 Reviews- Investor · Austin, TX · Member since 2018 · 61 posts · 24 votes3y
Quote from @Jay Hurst:
Quote from @Daniel Tisdale:
That is definitely helpful. I do have about 600k in equity locked up across 3 properties right now (1 primary, 2 investment properties) and I am just looking for the best and most price effective way to tap into that equity. Up to this point, I have just been able to grow using savings, W2 and a cash-out refi before rates went crazy, so this is a new situation to me. Open to any and all ideas and suggestions if you have some!Quote from @Jay Hurst:
Quote from @Daniel Tisdale:
Quote from @Jay Hurst:
Quote from @Daniel Tisdale:
Quote from @Jay Hurst:
Quote from @Daniel Tisdale:
Hi,
I have received an offer from BHG Financial for a loan of $155K with around a 15% interest rate to be paid back over 10 years. This would not be reported to my personal credit and I am looking at using the funds to improve my existing investments and purchase additional properties.
Has anyone worked with them before?
Thanks,
Danielwill they require a personal guarantee for the loan?
Yes they do require a personal guarantee, but no collateral for it.
@Daniel Tisdale In that case it will go against your personal credit. So, IF you have collateral to borrow against why pay the significant interest premium?
They mentioned that it is not reported on my personal credit. What rates are you seeing for a working capital loan? I’m open to looking at other options, but wanted to get people’s thoughts on this one and it sounds like the rate is fairly high.
A collateralized loan is always going to be a better rate for obvious reasons. If you have to get an unsecured loan, I would shop around a bit, maybe try Greensky, but the 15% maybe the best you are going to do I really do not know. But, my point, is if you have real estate with equity you will get a lower rate and longer term then an unsecured loan.
well, a cash out refi is still much lower then 15%.
That is true, however I have the equity across 3 different properties, so I am not sure if there's a way to pul equity from multiple properties at once or if that would require me to a cash out refi on each individual loan.
- 3yErik EstradaBusiness MemberLender · Member since 2022 · 6k+ posts · 1k+ votes
Quote from @Daniel Tisdale:
Quote from @Jay Hurst:
Quote from @Daniel Tisdale:
That is definitely helpful. I do have about 600k in equity locked up across 3 properties right now (1 primary, 2 investment properties) and I am just looking for the best and most price effective way to tap into that equity. Up to this point, I have just been able to grow using savings, W2 and a cash-out refi before rates went crazy, so this is a new situation to me. Open to any and all ideas and suggestions if you have some!Quote from @Jay Hurst:
Quote from @Daniel Tisdale:
Quote from @Jay Hurst:
Quote from @Daniel Tisdale:
Quote from @Jay Hurst:
Quote from @Daniel Tisdale:
Hi,
I have received an offer from BHG Financial for a loan of $155K with around a 15% interest rate to be paid back over 10 years. This would not be reported to my personal credit and I am looking at using the funds to improve my existing investments and purchase additional properties.
Has anyone worked with them before?
Thanks,
Danielwill they require a personal guarantee for the loan?
Yes they do require a personal guarantee, but no collateral for it.
@Daniel Tisdale In that case it will go against your personal credit. So, IF you have collateral to borrow against why pay the significant interest premium?
They mentioned that it is not reported on my personal credit. What rates are you seeing for a working capital loan? I’m open to looking at other options, but wanted to get people’s thoughts on this one and it sounds like the rate is fairly high.
A collateralized loan is always going to be a better rate for obvious reasons. If you have to get an unsecured loan, I would shop around a bit, maybe try Greensky, but the 15% maybe the best you are going to do I really do not know. But, my point, is if you have real estate with equity you will get a lower rate and longer term then an unsecured loan.
well, a cash out refi is still much lower then 15%.
That is true, however I have the equity across 3 different properties, so I am not sure if there's a way to pul equity from multiple properties at once or if that would require me to a cash out refi on each individual loan.
You can do a blanket mortgage on a cash out refi or do a cross collateral hard money loan if you need capital quickly.
LuxePrivate Investments LLC 570 Reviews - Member since 2019 · 7k+ posts · 4k+ votes3y
Quote from @Daniel Tisdale:
Hi,
I have received an offer from BHG Financial for a loan of $155K with around a 15% interest rate to be paid back over 10 years. This would not be reported to my personal credit and I am looking at using the funds to improve my existing investments and purchase additional properties.
Has anyone worked with them before?
Thanks,
Danielif you talk to local CU you could get unsecured loan as low as 9-10%
Join the conversationCreate a free account to reply, vote on answers and follow this thread.