Suggestions for Hard/Private Money in Michigan?

6 Replies

Hi, everyone! I would like recommendations for hard money and private money lenders who lend in Michigan and have reasonable rates. I currently own and manage 3 rental properties and I would like to add more to my portfolio and also do a few flips in 2017. My ultimate goal is to build a relationship with a great lender and see us both be successful! I did meet a person at my local REIA group the other day who I thought was a private lender but was a middle-man for hard money lenders and wanted 10 points upfront! I am new to hard money borrowing but that is way too much to pay for a fee! I appreciate any feedback you may have for me. Thank you!

Jackie Botham, GR, MI

There are a couple of sites I found useful for my deals, here are the sites

limaonecapital.com

assetavenue.com

They have simple online applications, and you can get funding for 75 or 80 percent of the purchase, and 100 percent of the rehab......

Jackie try @Brian Sherman I sat down with him a few months ago to discuss PM and investing here in Grand Rapids.  He also does Hard Money lending.  

Tim VandenToorn

    Originally posted by @Phil Brannock :

    There are a couple of sites I found useful for my deals, here are the sites

    limaonecapital.com

    assetavenue.com

    .

     What rates have you gotten from  assetavenue and Lima One? 

    Joe Semifero

      Lima one is a sliding scale PML/hard money lender. So 0-1 deals with them, you pay 11.99 + a 3.5 origination fee for the first deal....then, the next 2-5 deals, you get 3% origination fee + 10.9% ...after that you get 2% + 9.99.... is not too awful for hard money, and no upfront points, as well as 70% LTV based on ARV..... Asset avenue is 75 % = 100% of rehab, BUT they have some hidden costs they don't talk about in the front side - they require 3 points, and they only reimburse 10k at a time for the rehab. Also, they require an inspection before 10k is disbursed, with is another 250$ per inspection, which can add up if it is a big rehab.... I haven't used them myself, I have used lima one....just wanted to mention them, if it works for you as a investor, sometimes you just need the money......

      Thank you, guys! 'Some great places to check into! I really appreciate it!!

      Hi @Jackie Botham ,

      Congrats to your success. We finance rental/investment property loans and recently rolled out a HML program. Let me know if we can help in anyway. Feel free to direct message or e-mail at the below contact info.

      George Despotopoulos

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