How do you go about finding private lenders?

[Robin Cornacchio]

I've been retired for a couple of years after selling a successful business. I own a rental home with no mortgage through an SD IRA. I'm looking to purchase an investment condo in Florida not through my IRA. I have money in the bank but I will not be able to pre-qualify for a mortgage since I don't have a "job". I have income from investments that I have made and my credit score is over 800. Help!

[Carl Fischer]

@Robin Cornacchio

You build your own PLs that are loyal to you or you can find them. Your question talks about finding them -Most townships or counties have public records you can search -try searching public records for mortgages and any mortgage aren't banks are most likely private lenders. AAPL- American Association of private lenders, Real estate investor groups, national REIA, google, note conventions. Craig's list.

[Robin Cornacchio]

@Carl Fischer, Thank you!

[Deb S.]

@Robin Cornacchio if you're looking for something conventional, PM me. I live in Florida and have been mortgage shopping for my next investment. Met with someone that has several programs - one of which is an Investor Cash Flow program where personal income is not used to qualify. Rates are around 6-7% with up to 80% LTV. Hope this helps.

[Daniel Dietz]

@Robin Cornacchio I hold a lot of my rentals in my SDIRAs and SOLO401Ks too. In my case my DTI ratio is a bit on the high side as my reportable taxable income is not reall high, so I have trouble getting traditional loans too.

What my partners and I have done is to go the way of Commercial Portfolio Loans from smallish local/regional banks. They keep these in house and do not resell them so they are MUCH more flexible. As long as you have a decent credit score and responsible financial history it is pretty simple.

Our last one was 20% down 5.25% locked in for 10 years and amortized over 25 years. You don't get a 30 year rate lock is the biggest disadvantage of them.

[Olu Oyelade]

@Deb S. Can I PM too on the investor cash flow program?

[Robin Cornacchio]

@Deb S. Thank you. I'll PM you. 

[Robin Cornacchio]

@Daniel Dietz Thanks so much!

[CP Chou]

@Robin Cornacchio the BP book by Matt Faircloth is fantastic for this topic!

[Robin Cornacchio]

@CP Chou, thank you!!!!