Hard Money Lenders in Jacksonville Fl.

Private Lending & Conventional Mortgage Advice

Hard Money Lenders in Jacksonville Fl.

Rental Property Investor · Jacksonville, FL · Member since 2020 · 8 posts · 2 votes

I'm a Newbie looking for some leadership in the Jacksonville area. I have established an LLC. Looking for more education. I appreciate any information or guidance available!

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Craig Yarnell
Lender · Member since 2020 · 68 posts · 34 votes
6y
@Sam Martin
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James Frazier
OP
Rental Property Investor · Jacksonville, FL · Member since 2020 · 8 posts · 2 votes
6y
@Craig Yarnell thanks Craig
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Basit SiddiqiBusiness Member
Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
6y
@James Frazier

What are your goals/plans?
[email protected]917-280-8544
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James Frazier
OP
Rental Property Investor · Jacksonville, FL · Member since 2020 · 8 posts · 2 votes
6y
@Basit Siddiqi My interest are to eventually do fix and flips primarily and I also want to attain a few rental properties. That is my goal.
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Mike Lee
Investor · Tampa, FL · Member since 2017 · 123 posts · 109 votes
6y
James - Are you focused on doing buy and holds/rentals first? If so, my advice would be to focus in that area. Connect with a local meetup/REIA group. That is a good start.
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James Frazier
OP
Rental Property Investor · Jacksonville, FL · Member since 2020 · 8 posts · 2 votes
6y
@Mike Lee Thank You!
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Jack Bobeck
Rental Property Investor · Jacksonville, FL · Member since 2008 · 784 posts · 528 votes
6y
@James Frazier Local REIA people will not know you and may not be in the market to lend out money to strangers. There are MANY great options online here with Bigger Pockets HM vendors. This is a great place to start and get to know what the lenders are looking for and their terms. Plus you are supporting the platform. Rather than appear as a newbie without any experience, learn from the HM people here and maybe get some guidance, as its in their best interest to do us, the members right. Best of luck to you.
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James Frazier
OP
Rental Property Investor · Jacksonville, FL · Member since 2020 · 8 posts · 2 votes
6y
@Jack Bobeck Thanks for the advice. That makes sense. I’ve heard different things about some HM Lenders not wanting to engage with “Newbies”. I understand the concerns but everyone has had their first deal at some point. Learning is priority for me right now and I want to better understand the various factors involved. Thanks again!
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Craig Renfrow
Flipper/Rehabber · Philadelphia · Member since 2017 · 25 posts · 3 votes
6y
Hello James
I will be in Jacksonville visiting family September 22-27...I have experience with rentals & flips using HM lenders ..In addition I’ve completed projects for others & myself as a GC ...
I would enjoy learning more about the JAX market & hopefully your schedule will be free to meet with me..looking forward to your response..
Craig Renfrow

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James Frazier
OP
Rental Property Investor · Jacksonville, FL · Member since 2020 · 8 posts · 2 votes
6y
@Craig Renfrow Hey Craig! Sounds good! Let’s keep in touch. Will definitely find some time to link up when you are I town!
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George DespotopoulosBusiness Member
Lender · New York, NY · Member since 2016 · 936 posts · 287 votes
6y
@James Frazier hard money lenders want to see experience, good FICO score (660+), liquidity (have enough for a 25% down-payment plus 3-6 months of payments in reserves), and a solid deal (where 75% of purchase + 100% of rehab = 65% ARV or less and with a project ROI of 20%+). I would be cognizant that most hard money lenders have a minimum loan amount of $75k - $100k, with fewer at $50k. The down-payment should come from you and not gift funds, another loan, or seller second.
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James Frazier
OP
Rental Property Investor · Jacksonville, FL · Member since 2020 · 8 posts · 2 votes
6y
@George Despotopoulos Thanks for that information. Is your assessment the standard, on average or dependent on the lender? I have been told different things about experience or lack there of. My question is, how do you get experience without going through the process. At some point it has been the “first deal” for everyone.
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George DespotopoulosBusiness Member
Lender · New York, NY · Member since 2016 · 936 posts · 287 votes
6y
The terms I quoted were more so for first time investors. You get financed without experience by having strong liquidity, average to above average credit, a deal where the numbers work well, and most importantly putting more money down. For borrowers with 0-1 deals in the last 36 months or so, I think you can overcome the lack experience with a 25% - 30% down-payment and doing what's called an interest reserve. An interest reserve of 3-12 months (depending on the lender) could compensate a little for the lack of experience. Basically you'd be prepaying some of your monthly interest payments ahead of time at closing. The rate will also likely be a little higher (11% - 13%) and the origination fee would be around 2.5 %- 3.5% of the total loan amount.
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James Frazier
OP
Rental Property Investor · Jacksonville, FL · Member since 2020 · 8 posts · 2 votes
6y
@George Despotopoulos Thanks George! That’s good information! I appreciate it! I will definitely reach back to you! Stay Safe!
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