Any recommendations for Private Lender in Rhode Island?

Question

Hey BP! Any private money lender you would recommend that services RI?

TIA : )

Account Closed · Answer

@Anthony Thompson thank you very much for responding! Buyer has 100k but we have not found the actual property yet. She would like to stay in the low 200s for his purchase. I was just trying to get a head start and start exploring all possibilities. I will definitely be in touch once we find the property. Again, thank you!!

Account Closed · Answer

@Stephanie P. Low 5s

Account Closed · Answer

@Shaun Weekes thank you so much Shaun! This is the first I’m hearing about non-qm, I will definitely do more research on this. Buyer is just trying to explore all possible options before deciding which route to proceed. Credit is mid five but we will bring that up for sure.

Account Closed · Answer

@Shaun Weekes this is for a buy and hold. Property is 200k, buyer has 100k. Credit is no good so will not qualify for traditional financing. Perhaps pay off the 100k loan in two years, or refi to pay the lender off. Ty!!

Christian Scully · Answer

Account Closed We may have some options to help your buyer, I just sent over a message.

Anthony Thompson · Answer

Account Closed I know many private lenders in RI. Most are looking to lend on rehabs, not long term buy and holds, but I know some who might do it.  I know one in particular who likes to lend on long term buy and holds, but his rates are somewhat high (for a buy and hold anyway) and I think he has a five year minimum. I know others who are not as aggressive though and might be willing to give better terms.

On the face of it the LTV looks good so it should be easy to find someone to take that deal. If you're able to provide more details I'd be interested in hearing more. 50% LTV is great but uncommon so I'm wondering if I'm missing something (like the area or work needed, etc.)

Brandon Ingegneri · Answer

My company lends in RI and I would be willing to discuss terms.  Feel free to give me a call.

Stephanie P. · Answer

@jenny sayavong

You weren't kidding

Stephanie P. · Answer

@jenny sayavong

How bad is the credit?  Do you know the credit score

Frank Patalano · Answer

There are 4 hard money lenders that spoke in May at the RI real estate investors group. Not private money. DM me for their email addresses.