Hey everyone. My dad wants me to ask you all a question about private lending. He currently has a portfolio of 20 units (give or take a few) ranging from New Orleans all the way to Laplace.
He wants to know what are some good ways to find private lenders? Also what are some good terms and contracts for private money lending ?
He has a lender that he wants to offer 10%. He needs to know what is a good timeframe to payout the loan. Also he wants to know if 10% is a good amount to offer. Plus, what are some good terms and conditions that the contract would be beneficial to both the lender and the person being lended to.
BP has a list of lenders here on this site with filters to specify what your looking for. I've found may connections and lender just by following post and getting lender advise from others.
Is he looking for alternative funding sources for a specific reason? He could wrap them in a portfolio loan for less than 10%, depending on the circumstances.
@Malcolm Darensbourg : why not ask the potential lender what he is looking for first? People will surprise you with what they'd like. Use that as the starting point and then move to make it work for everyone.
Hi @Malcolm Darensbourg , you can find private lenders through searching the various posts here on BP and google of course. The terms will vary depending on the deal and loan type. Feel free to contact me to discuss further, happy to help provide any info I can.
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