I currently have a package deal of about 100 properties and notes under contract for a really good price. We have a couple of potential lenders lined up, but was wondering if anyone has any good ideas on how to find a good commercial, hard money, or private money lender for a multi-million dollar deal. A lot of the people I have spoken to are flaky or end up becoming overly greedy (even the lenders I we have worked with in the past), considering the big numbers we are working with. Any ideas?
@Kory Giddens are they being greedy or are you? Please don’t take offense to this but it may be just the question you should be asking yourself. The best way to find that answer would be to post the deal details and what you would like in a partnership. The feedback you get will be priceless.
Boy I am with @Jeshua Patrick on this one the SECOND you start to think a lender who has lent you money helped you get where you need to go.. and you don't have the cash.. is being greedy ( as long as the rates are comparable to close.. then your the one who really needs a reality check.
Great lenders that you can call are worth more money than what they charge most of the time those that try to shop and save half a point.. just don't create long term relationships that will help you when you REALLY need it.
but for that size deal.
Corevest advertises on here.. try them also Colony and Lendinghome..
Jeshua & Jay, I believe greedy was a very poor choice in wording. I apologize. It was more so them trying to buy the deal themselves before it was all under contract. I can see how I came off as a greedy kid with my initial post.
Thank you! I will look into those!
On a side note, I enjoyed listening to the Wheelbarrow Profits podcast episode you were on Jay!
@Kory Giddens another option you might consider when approaching other investors is wholesaling part of the deal to them in lieu of a large portion of equity on the remaining part of your deal. It might be more appealing to them while leaving you with more palatable terms on the portion you keep.