Suggestions for Hard/Private Money in Michigan?

[Jacqueline Coombs]

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

[Phil Brannock]

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......