Need Advice on Private Lenders

3 Replies

Hi, My business partner and I were "driving for dollars" and found a good deal on a quadruplex. We are looking for a partner to help finance the deal but don't know where to start any suggestions on how to find a partner to help finance the deal would be appreciated. We are open to multiple options and just are not really sure where to start. My idea would be to have to investor buy the home cash and we pay them back through profit. If anyone else has a suggestion of how we could structure a deal for a private lender and where to find a private lender that would be great. Also, if not a private lender a HML that doesn't require much down or lots of experience. We have been running into that issue with HML.

Networking and going through your own network are the best options. Sit down and try to think of 50 names of people who may be interested in either partnering or lending. Maybe you can't get all the way to 50, but try. Then start going through the list. This has been a very helpful exercise for us.

Hard money lenders are going to be conservative since they are taking a risk.  You probably need to look for a finance partner.

Hi Latara, I believe your best bet would be to go to local REIA's and network a bit. Tell everyone your story there, your experience, your plans and what you are looking for in an investor. You are going to need someone local to trust you and your work in order for them to finance your entire deal.

Lenny Longo, Lender in FL (#NMLS 1177866)
941-217-1000

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