Hard money loan in Maine?

Question

Currently own a duplex and am in the process of buying a single family investment property.

Another deal has presented that is perfect opportunity for brrrr strategy but want to use traditional bank only for cash out refinance. Looking for suggestions ideas for lenders to do that. I have a great credit score and some of my own money to bring to the table.

Thanks!

Matthew Gallacher · Answer

I would NEVER recommend Milk Street Capital. A complete joke of an outfit. Cost my client an easy cosmetic flip as it took them 2 weeks to give us any paperwork and then nearly cost us ANOTHER flip due to them sending us the wrong paperwork and just not knowing what was going on. Constantly gave us excuses (overworked, not enough employees etc) as to why they were behind.

Tyler Bushey · Answer

It would be very hard to get me to use anyone other than Lincoln, it's not just about who's the cheapest in my opinion.  When they give me the go ahead for a deal and closing date, I know 100% I'll close on time. Also they're easy to deal with during the process with draws being paid fast and no surprises at payoff time.

Cody DeLong · Answer

There are a few in Maine. Milk street Capiral, Lincoln Capital, and a new one called Empire Capital. Empire has been pretty competitive with 10% and 2 points.   https://m.facebook.com/?_rdr#!/empirecapitalme/

Matthew Gallacher · Answer

@Cody DeLong You dodged a bullet. It’s a shame there’s so few options for financing here in Maine. I know with my next purchase, I’m probably going to have to start getting creative

Cody DeLong · Answer

@Matthew Gallacher that sucks.  I honestly haven't heard good or bad from them.  Most people I have talked to never actually closed.  I have spoken with them a few times but their rates and fees are super high.

Kerry Boyle · Answer

10/2 sounds like the purchase part of the transaction... I thought @Brendan Chase was asking about a take-out lender.

Right?

Ethan Shrestha · Answer

Empire Capital has great options. I would talk to them.

Ethan Shrestha, Real Estate Agent, Portland, ME

Tyler Bushey · Answer

I like Lincoln a lot, very easy company to work with

Hard money loan in Maine?

Most Popular Reply