Hard Money Lender Sourcing Tips

3 Replies

Hello,

My partner and I are about to acquire a small MF (2-4 units) in AL and are looking for private money lenders who can provide a fixed-rate loan (either to us personally or to an LLC). What would be the best way to go about getting quotes (have not taken a private loan/HML before), is obtaining a debt broker usually the best option? The Property is stabilized/tenants are on formal leases and we are looking for LTVs at 80% or higher.

Additionally, if there is a forum on BP that I can post to get connected to private lenders, do let me know (and apologies if this is the wrong forum to be doing so).

Thanks,

Originally posted by @Hamza F. :

Hello,

My partner and I are about to acquire a small MF (2-4 units) in AL and are looking for private money lenders who can provide a fixed-rate loan (either to us personally or to an LLC). What would be the best way to go about getting quotes (have not taken a private loan/HML before), is obtaining a debt broker usually the best option? The Property is stabilized/tenants are on formal leases and we are looking for LTVs at 80% or higher.

Additionally, if there is a forum on BP that I can post to get connected to private lenders, do let me know (and apologies if this is the wrong forum to be doing so).

Thanks,

 Alabama has a state specific forum where you may be able to get input from others who invest there.

Broker is one option. But if you just call a bunch of HML lenders you can get idea whats out there that way too. Some people prefer the broker shops for them, others prefer to deal directly with lenders and cut out the middleman.