Looking for Private Money Lending

12 Replies

Originally posted by "RAHIMB":
Hey Anthony C, just wondering did you find anyone that would give you a private loan. If so what were the terms?

Good question. No response?

John Corey

I wish him all the Luck. What a place to start off in. Mi just passed several antilending laws and property has sunk to all time lows. You couldn't get a million dollars in private money on anything.

And so did the Commonwealth you reside in (MA) and more to follow suit (MN is drafting something now)...

Regards,

Scott Miller

Originally posted by "The_Specialist":
I wish him all the Luck. What a place to start off in. Mi just passed several antilending laws and property has sunk to all time lows. You couldn't get a million dollars in private money on anything.

Scott-
Many factors other than state guidelines go into getting a loan, especially Hard money. I have found it can be more of "who you know, than what you know". I am established in my market niche and celebrating while all the brokers worst nightmares are coming true. I can take whatever this business throws at me.I am trained. I have kids. I am a survivor. BRING IT ON!!

It appears that we share both niche and location (I'm right up the street from you---Paxton)...Good luck!

Regards,

Scott Miller

Originally posted by "The_Specialist":
Scott-
Many factors other than state guidelines go into getting a loan, especially Hard money. I have found it can be more of "who you know, than what you know". I am established in my market niche and celebrating while all the brokers worst nightmares are coming true. I can take whatever this business throws at me.I am trained. I have kids. I am a survivor. BRING IT ON!!

If you want to have your deal looked at you must have at least these two things:

1. Executive Summary on the project, with pictures, site location, and exit strategy.

2. Personal Financial Statements or background info on the Principles that are going to be on the loan (we need to know who they are and if they can repay the debt). Of course this can be more than once person or corporation

Jesse,

The dollar range is a bit extreme.

How many deals have you closed? Any breakdown as to the your deals vs. the sizes (under $5MM, between $5MM and $100MM, over $100MM)?

Rarely do lenders work across such a broad range given the deal make up as you go up or down the range.

John Corey