I got an email from this company today privatedirectlending.com. Does anyone have any experience with them? Are they legit? Just a scam? Any info appreciated. Thanks.
Hey @John S Lewis - Not sure, I have not heard of them in this space. What are you looking to finance?
Hi @George Despotopoulos . Thanks for reaching out. I'm looking to finance mostly turnkey rentals in NJ between Ewing and Burlington. I have a current direct mail marketing campaign with an end goal of seller financing. However, when the super sweet deals present themselves without seller financing and they will, I will need other means of funding the deal.
@John S Lewis - if you don't qualify for conventional financing, there are other options: hard money / bridge loan (these will be short term interest-only loans, usually 12 months, and the interest rate will be 10-14%) and rental property loans (longer term, 6%-9.9%, 30 year term, usually arms). With hard money loans you can refinance into a longer term once you have market rent in place.
Seller financing is always great, and easy, but is not always as available, which is why specialty lenders or non-bank lenders are a great option, as well as private lenders (private individuals lending their own capital).
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