How to fund local property from auction.com? Hard Money Lender under personal name

How to fund local property from auction.com? Hard Money Lender under personal name

Member since 2019 · 55 posts · 14 votes

Hello BP,

I've won a buy and rehab property in my local market from auction.com, and I want to use a Hard money loan for this quick fix and flip to sell it for profit, but many of the lenders I talk to only lend money to LLC. Currently, I don't have an LLC in my state, and it will take at least two weeks to get it filed, and the seller isn't willing to wait for me to get the LLC filed. Does anyone know if there are any lenders available to lend the loan under a personal name? Or is there any another suggestion I can go with?

Thank you.

0Reply
67 views

Most Popular Reply

Nick BelskyBusiness Member
Lender · Orlando, FL · Member since 2021 · 1k+ posts · 704 votes
2y

@Tony Zhang

There are a few HML that will close in your personal name and can do so quickly. @Zach Edelman may be able to help you out.  Touch base with him.

Cheers!

Belsky Mortgage, LLC521 Reviews
See this reply in the discussion

5 Replies

Jump to latestLatest
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    2y

    Hi Tony, 

    You may close a hard money loan in a personal name. How long do you have to close on it? 

    LuxePrivate Investments LLC 570 Reviews
  • Member since 2019 · 55 posts · 14 votes
    2y
    Quote from @Erik Estrada:

    Hi Tony, 

    You may close a hard money loan in a personal name. How long do you have to close on it? 


    Hi Erik, 

    I'm looking to close in 30 days. Does your company provide financing for Fix and Flip loan? If so, does it need to require a business entity to get a rehab loan, or it can close in a personal name? Thanks.

  • Nick BelskyBusiness Member
    Lender · Orlando, FL · Member since 2021 · 1k+ posts · 704 votes
    2y

    @Tony Zhang

    There are a few HML that will close in your personal name and can do so quickly. @Zach Edelman may be able to help you out.  Touch base with him.

    Cheers!

    Belsky Mortgage, LLC521 Reviews
  • Lender · New York, NY · Member since 2022 · 1k+ posts · 1k+ votes
    2y

    Thanks for the recc, Nick!

    What state is this property located in, Tony?

  • Member since 2019 · 55 posts · 14 votes
    2y
    Quote from @Zach Edelman:

    Thanks for the recc, Nick!

    What state is this property located in, Tony?


    This property is located in MD, do you lend to Maryland?

Join the conversationCreate a free account to reply, vote on answers and follow this thread.