I'm looking for any help with connections to any lenders who finance buy and hold properties in the Atlanta area. I'm a newer wholesaler in the north Atlanta OTP area (have closed on 3 deals so far), and would like to begin acquiring my rental portfolio. I plan on cherry-picking the deals I get under contract, and continue to wholesale the rest. Any help from BP nation would be appreciated! Thanks.
@Mark Beno have you ever heard of groundfloor.us they do Crowd Funding and they allow buy and hold properties but I don't know all the terms though...
I used Georgia's Own credit union to finance a buy-and-hold rental property. Great rate (3.5% on a 15-year) but they cannot finance a deal with an LLC, only with individuals.
You will have to have an account with them, I think there is a minimum balance requirement in the account.
If you find yourself wholesaling a good rental property, let me know.
Thank @Ricky Mckenzie I'll check that out.
@Hal Davis , did they offer interest only payments? Either way, I'll check it out.
Originally posted by @Mark Beno :
@Hal Davis, did they offer interest only payments? Either way, I'll check it out.
Not sure Mark, I'm trying to get into fixed, long term debt to capture the low interest rate advantages against the not-so-low pricing in the current market.
@Mark Beno No problem they are in Atlanta as well...
Hey @Mark Beno . We specialize in buy and hold financing exclusively for investors. Let me know if I can ever be of assistance.
Will do. Thanks @Kweillin Gordon .
Hi @Mark Beno , our focus is on investment/rental property financing in ATL, we have also recently rolled-out a HML program. Feel free to contact me if you have any questions. Happy to help.
@George Despotopoulos , yes, I am definitely interested. Can you send me a spec sheet with basic info on the options you offer, and the steps I would need to take?
@George Despotopoulos , can you explain more about the legality of your firm?
I went to your website yesterday and it states that you're not yet licensed to work in any states. I filled out the form anyway, just to see what kind of rates you were going to offer.
I then got a call from Tyler, asking me if I'd be interested in working with you. I said that the website states that you're not licensed, yet and thus it would be a mood point. He then said that you were now licensed to do loans and would gladly work with me. talked for a little bit and then became wary when he said that they haven't gotten around to update the website.
I pointed out that the website states that you're not licensed, so, if you're now licensed in Georgia, then that's a major accomplishment and would not be just 'forgotten' to mention online. Too much of a red flag.
He sent me an email later, saying that you just started and that you will be closing your first loan on Monday. I asked if he can provide something to prove legitimacy of your company and he offered that you passed background check to be able to pull credit from TransUnion or do background checks and that you have a company registered . I pointed out that anyone can do that and that to be a legitimate finance company there are other licenses involved.
Basically, I was never given anything that proves in any way that you're a legit company and everything I did get served as additional red flag.
That is a great way to get started! I am glad to answer any financing questions that you have.
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