Does someone have a recommendation of a local hard money lender in the northern VA area that they have used. I invest in MD and VA.
Here are the basic number on the, and of course I would be providing detailed estimate/analysis.
Single Family Home
4 Bedroom 3 Bath
3,100 SQ FT
800 SQ FT, partially finished basement
Attached Two Car Garage
Rehab estimate $50,000
Contracted Purchase Price $185,000
Have you checked out the hard money lender list here on BP? https://www.biggerpockets.com/hardmoneylenders/virginia
I have a few lenders that would work with that, if you'd like to DM me, they are fast. Best,
@Daniel P. I have checked out the lenders on BP, thanks. Do you have personal experience with any of them?
I am using Walnut Street Financing out of Richmond. It's my first HML deal, and no issues whatsoever yet. Closing was easy, but I have not got to the point yet of having to coordinate draws for my contractor. Still, I'd recommend them.
CIVIC Financial just began originating in Virginia, up to 75% LTV
@Ron Etienne Younger . I'm a newbie, so my terms were typical for investors working on their first deal - 11.5%, 3 pts, 6 month term. Also, being a newb, I took FOREVER getting some information while I screened general contractors, studied insurance, and learned the title process, so my close was 3 weeks... WSF can close in a few days though if you're well put together. WSF also wraps up your payments, closing cost, and points into the loan, which makes the cost of money more expensive but frees you up more at close and month to month.
Question, what is the reason for the hard money? Is it income? If so, you can do non agency DSC (debt service coverage) where the forecasted rent needs to cover the total monthly payment. If showing income is not an issue than you can take a conventional renovation loan with FannieMae for investment property, only 15% downpayment and you add the $50k rehab costs to the purchase price. If any of these 2 scenarios work for you, feel free to message me
@Jeff R. There are loans available that are more competitive than 3/11.5%.