Private Lenders - Where to start?

[Shane Bishop]

Hello! My wife and I are current real estate investors looking to expand our portfolio into the STR market and we have identified a potential opportunity in the upstate of SC. Capital is always a major hurtle though, so I wanted to ask if anyone had any recommendations on how to build relationships with private lenders or knew anyone that would be willing to walk us through the private lending process. Any advice would be greatly appreciated! We haven't done anything outside of conventional lending so this would be a new journey for us, but we're excited to learn!

[Chris Seveney]

Quote from @Shane Bishop:

Hello! My wife and I are current real estate investors looking to expand our portfolio into the STR market and we have identified a potential opportunity in the upstate of SC. Capital is always a major hurtle though, so I wanted to ask if anyone had any recommendations on how to build relationships with private lenders or knew anyone that would be willing to walk us through the private lending process. Any advice would be greatly appreciated! We haven't done anything outside of conventional lending so this would be a new journey for us, but we're excited to learn!

 Private lender relationships really boil down to knowing what to provide and doing it in a timely manner and having conversations to understand the guidelines. 

Having your personal financial statement, statement of real estate owned, an application and financial information handy goes a very long way. Just reaching out to a lender saying "what types of loans you offer is like going to a shoe store asking for what types of shoes they have".

Start with I am purchasing a $300k property located at XYZ main St in AAA, SC. We want to make it a STR, we have X to put down and we anticipate it having annual rent of X and annual expenses of Y.