Is it hard money or no money at all?

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Is it hard money or no money at all?

Daniel Rutledge
Anderson, SC · Member since 2016 · 91 posts · 40 votes
Hi all. I have a property under contract and am using hard money. I will be spending about 10k in repairs for what looks like a great cash flowing property. Instead of using my own capital I began looking for a private lender to fund the rehab. I want to take on a 3 year note and am willing to offer an apr of 15% for a fixed rate. I have a few friends and family interested but cant seem to find a private lender outside of that. Are there people or companies out there willing to lend unsecured money this way outside of Lending Club, Prosper and so forth?
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David Weintraub
Lender · Berkeley, CA · Member since 2017 · 1k+ posts · 549 votes
8y
Check out Carolina Lending
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  • Joshua Fulenwider
    Rental Property Investor · Greeley, CO · Member since 2017 · 226 posts · 99 votes
    8y

    I hope this post is still relevant. 

    My experience is that investors and lenders will eventually find you as you build experience.  For your first one a friend or family may be your best bet (but be careful when mixing money with relationships).  I have run across a few "lists" of people looking to loan money.  Typically they have been bogus or the people on the lists are very frustrated with their information being distributed.  

    Best way is to keep networking.  Your hard money lender today may have an investor looking to place some longer-term money.

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  • David Weintraub
    Lender · Berkeley, CA · Member since 2017 · 1k+ posts · 549 votes
    8y
    Check out Carolina Lending
    1Reply
  • Daniel Rutledge
    OP
    Anderson, SC · Member since 2016 · 91 posts · 40 votes
    8y

    Thsnks for the comments guys. I'm mostly done we with my rehab and ended up using cash and credit cards for the rehab. I will check out Carolina lending. I'm also working with fund and grow and plan on taking a heloc to fund future rehabs.

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  • George DespotopoulosBusiness Member
    Lender · New York, NY · Member since 2016 · 936 posts · 287 votes
    8y

    Congrats Daniel. Sounds like you are well on your way to completing your renovation, finding a tenant, and earning good income from your investment property. As you find more opportunities and gain experience as an operator, borrowing opportunities to fund these future investment projects will become more available and at lower cost to you (in terms of rates). Check out the ads in the Marketplace section at the top of the site to find  more info on these lenders

    MoFin Lending4.9152 Reviews
    WebsiteView Page
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