Hard Money Lender in Alabama?

Question

Can anyone recommend a HML or PML that deals in Alabama? I am looking at a few lenders now but would prefer one that is referred. I just put a property on contract and am searching for financing outside of using a bank.

SP: $55,250

ARV: $85,000

Repairs: $13000

Holding Costs: $5000 (HML will increase this amount)

Potential Profit: $11,750

SP: $55,250

ARV: $85,000

Repairs: $13000

Holding Costs: $5000 (HML will increase this amount)

Potential Profit: $11,750

Account Closed · Answer

@Imad M. Donnie M. Here are a few institutions that will loan in that state patchofland  jemrealestatepartners  just google them and should give you contact info. AL and NM are about only states I cannot do. Let me know how it works out

Darrell Shepherd · Answer

80% of ARV?  Think you need to look over your numbers, there's nothing in that deal if you pay a realtor to sell it.  Not here to tell you how to run your business, but I wouldn't go anywhere near that thing as a lender or buyer.

As has been said, Matt is a good guy, Lima One will fund you up to 65% of the ARV at 4&13 with a $3500 minimum on the origination.

Just know you're going to have a lot of trouble buying something like that with someone else's money.  Most lenders want to be at 65%, LendingHome will go to 80%, but the rate starts ticking up pretty quick after 70%  and they aren't in Alabama yet.

Matt Bell · Answer

Have you tried Lima One Capital?  Matt Lineberger is a good guy to chat with.

Donnie M. · Answer

Got some deals i'm negotiating in Smiths Station, AL (Lee county) and Montgomery, AL.

Donnie M. · Answer

Looking for HML in Alabama as well.  None one the BP.com/hardmoneylender list.  Did you ever find any Imad?  Thanks!

Hard Money Lender in Alabama?

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