Flipper/Rehabber · Schertz, TX · Member since 2018 · 14 posts · 3 votes
So here it goes...
I've been wanting to break into real estate investing for some time now and am finally putting action behind it. Currently have a deal on my hands but don't have funds availablehere in San Antonio TX. I was approved by hard money lender and have money to put down. Was ready to close this week only for the lending co. to back out telling me because of a felony I had on my record from over 12 years ago. Since then I've given my life to Christ and gaduated college with a degree in HVAC and started my own company. I've done due diligence and have studied investment strategies for a few months now. I'm far from perfect and Not pretending to know it all by any means but I'd really love the opportunity to get out there and learn more by getting my feet wet. If anyone can help or point me in the right direction I'd greatly appreciate the help and would be happy to create lasting relationships. Thanks for your help
I have used (personally) or worked with (via clients) several hard money and private lenders. Reputable companies operating in San Antonio: Texas Quest Capital (Daniel Fleming), Corridor Funding (Jason Hirko), Centejas Investments/ Wolverine Financial (Jeff Katz), Longhorn Investments (Jade Flores), SF Lending (Chris Jameson), RE Capital (Mitchen Stephen & Raymon Braun), Streamline Funding (Romney Navarro), and several others. Rates range from 10% - 14.99%. Points range from 1.5pts to 6pts. Some lenders loan 70% LTV based on the ARV, some will loan 100%. There are pluses and minuses to each individual lender. The best thing to do is start calling them, find out what works best for you. Then start building relationships. There is a lot more to a good lender than loan rates. Feel free to PM me if you need contact info for any of these lenders.
If one hard money lender turned you down, call another one. Usually the loan is based on the property not the borrower. There is Steamline, Corridor and Longhorn. Those are just 3 off the top of my head. Call them up and ask them your questions. They are all local. You can go to their office or meet with the loan officers directly.
Now remember, the property has to be a great deal also. They will still do the loan for you, but you will have to put more money down if the deal is not so great.
I have used (personally) or worked with (via clients) several hard money and private lenders. Reputable companies operating in San Antonio: Texas Quest Capital (Daniel Fleming), Corridor Funding (Jason Hirko), Centejas Investments/ Wolverine Financial (Jeff Katz), Longhorn Investments (Jade Flores), SF Lending (Chris Jameson), RE Capital (Mitchen Stephen & Raymon Braun), Streamline Funding (Romney Navarro), and several others. Rates range from 10% - 14.99%. Points range from 1.5pts to 6pts. Some lenders loan 70% LTV based on the ARV, some will loan 100%. There are pluses and minuses to each individual lender. The best thing to do is start calling them, find out what works best for you. Then start building relationships. There is a lot more to a good lender than loan rates. Feel free to PM me if you need contact info for any of these lenders.
@Jesse Anguiano As @Rick Pozos and @Seth Teel have said, every lender has different requirements. One may not be a good fit for you. It is a bummer that this popped up with your current lender at the last minute, but there's plenty of other lenders (trust me on this!). As long as your felony from 12 years ago isn't mortgage fraud, you should be able to find someone that will overlook it (and even if it is, there's plenty of lenders that don't run background checks, the tradeoff is usually just a slightly higher rate).