So far, we've been able to do 6 rehabs into rentals (2) and flips (4) using a combination of our own capital, some private money, and a bank construction line of credit. As we go forward and continue to expand, we're looking at using hard money lenders for the first time.
Our realtor suggested LendingHome, and we've seen ads on BP and mentions in a couple newsletters we subscribe to.
I had a great call with them today and have another scheduled tomorrow to speak with the lender assigned to us. Wondering if anyone has worked with them in the past and what your experiences have been? We have a couple of deals pending that we may test them out with, provided we get the right feedback and tomorrow's call goes well.
Thanks for the feedback!
The SoCal market is tough right now so good on you for being successful in the beginning! I have heard nothing bad about LendingHome, good luck and I hope it works out for you.
Thanks @Chase Maher . Although I live in SoCal, all of our investing is done in North Carolina. Would rather diversify and buy 10 properties there than one here!
Try LimaOne Capital. I've been communicating with them extensively and as soon as I find a deal I'll be using them. They're based out of Greenville, SC but work in NC.
Thanks for the recommendation @Drew Castleberry ! I will give them a call. Is there anyone that you suggest I speak with there, or should I just talk to whoever answers?
I have also been talking to LimaOne Capital and they have been great so far. While they typically have a minimum $45,000 loan for rentals, they are letting me group together multiple $35,000 house loans into a portfolio loan, which actually works better for me. Only catch was all the houses had to be from the same seller, which fortunately for me they were. They also have no limit on the number of loans you have, and offer fix-and-flip loans, but their rates get a bit expensive for the flips.
I have been talking to someone by the name of Cortney Newmans.
This post has been removed.
I've beenin contact with Matt Lineberger who's based out of Atlanta. The owner actually lives here in Greenville and is apparently involved with the Upstate CREI.
Are you looking for specifically a HML? Lima One kinda falls between a HML and a portfolio lender. The better the DSCR the better rate you'll get from them, but I think they start at 1.2. Personally I don't look at deals that are less than 1.4. But I think they offer discounts for anything thats 1.5 and higher if I remember my last phone conversation with Matt correctly, just be sure to ask.
Great info @Drew Castleberry . We're looking at options that can help us advance our flipping and our rental strategies. Currently, we're using the bank LOC and cash for the flips and our own cash and refi cash out for the rentals. I talked briefly with LendingHome today and they offer cash for purchase & rehab, with option to convert into permanent financing if we decide to hold as rental. It seems like a good fit, so that's why I'm looking for people who've had experience with them to see if they can deliver. We're open to speaking with other lenders who can also offer opportunities for us to execute our strategy.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!