Recommendations for hard money lender in Seattle/Tacoma

8 Replies

Yes,  I work with and like Veristone Capital the best. The other 2 major players in the market are Rain City and Eastside Funding. Although I hear Eastside has changed their programs a bit and may not be your best choice on fix n flips. 

Hello Nicholas,

I would agree on the 3 main players in the field. I currently have loans with Veristone and Eastside Funding.  I tend to lean towards Veristone as I like their draw system better and fees tend to be lower. Most of everything else is pretty industry standard between them. Eastside's construction loan has big points on it, which can really start you out the wrong way, so be careful with that. Also Eastside's time line for the loan is short so be certain of your expected completion date.

Nghi Le is a Bigger Pockets Pro that has a wealth of knowledge on this matter for this area. I would attempt to contact him as well.

@Nghi Le

Originally posted by @Nicholas Meyer :
Hi BP, I’m looking for a hard money lender to help finance my first flip in Seattle/Tacoma area. Anyone have any recommendations? Thanks in advance, Nick Meyer

 I have a private lender out there that's a friend of mine, Pete Varela.  PM me and I'll send you his information.

Stephanie

Sorry for stepping onto here a little late; I'm not as active on BP as before.  Appreciate the tag, @Trent Parker !

Nicholas, feel free to ask me anything about hard money.  I've borrowed from at least 20 of them over the past 3 years, half of them being the local guys like Veristone, Eastside, Redmond Funding, Intrust, Builder's Cap, Inland, etc.  There is no "best" lender that has it all and it really depends on the situation.  Some are faster than others, cheaper, easier to work with, better draw process, etc - these are all good points for consideration.  I wrote a blog post about how to compare different HMLs (and what to watch out for); you can find it in my profile.

Hi all, I was going to ask the same question re: hard money or private lenders on the eastside or Seattle. I have a fully entitled and permitted 4-unit apartment building project ready to build on land my wife and I own free and clear in downtown Bothell (which is booming). I'm an architect, small developer and general contractor transitioning into developing my own projects. We're free to start building literally tomorrow with all permits approved except we've been turned down by small local banks WA Fed and Banner since our personal income isn't high enough. Coastal Community bank is ready to offer us a commercial loan right now if we just had a co-signer with $300K liquidity, and we don't have friends or family to do this for us right now. So we're looking at private or HMLs now. @Nghi Le , @Stephanie P. , and anyone else who wants to chime in with advice, do you have lenders you'd recommend we talk with for our construction loan? We have significant equity in the land, services and fees paid, etc. and our pro forma pencils. We will build and hold, living in one unit. We own a triplex on the lot next door. 

I would appreciate any tips or leads on lenders you'd recommend we contact. Thank you! 

Originally posted by @Cary Westerbeck :

Hi all, I was going to ask the same question re: hard money or private lenders on the eastside or Seattle. I have a fully entitled and permitted 4-unit apartment building project ready to build on land my wife and I own free and clear in downtown Bothell (which is booming). I'm an architect, small developer and general contractor transitioning into developing my own projects. We're free to start building literally tomorrow with all permits approved except we've been turned down by small local banks WA Fed and Banner since our personal income isn't high enough. Coastal Community bank is ready to offer us a commercial loan right now if we just had a co-signer with $300K liquidity, and we don't have friends or family to do this for us right now. So we're looking at private or HMLs now. @Nghi Le , @Stephanie Potter, and anyone else who wants to chime in with advice, do you have lenders you'd recommend we talk with for our construction loan? We have significant equity in the land, services and fees paid, etc. and our pro forma pencils. We will build and hold, living in one unit. We own a triplex on the lot next door. 

I would appreciate any tips or leads on lenders you'd recommend we contact. Thank you! 

Thanks for reaching out, but  "living in one unit" piece blows it up for all lenders I know and use.  We only work with business purpose loans and that doesn't include anything that's owner occupied.  Sorry.

Stephanie 

@Cary Westerbeck I exclusively work with Intrust Funding, they make the process very simple and easy, and they're local in Bellevue.  If you give them a call they'll chat with you about your options and they'll be able to help you.  

@Nicholas Meyer Intrust Funding has been great for all of my flips, I can't speak highly enough of them.