Seeking Hard Money Lenders for TN flips

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Seeking Hard Money Lenders for TN flips

Kesha Hamilton
Memphis, TN · Member since 2021 · 41 posts · 6 votes

Hello, I am seeking a hard money lender for a few TN purchases. Please let me know the requirements, what documents you need from me, and the terms/parameters of the financing. 

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Alex BekezaBusiness Member
Lender · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
2y

@Kesha Hamilton If these are in Memphis under $100k then Avalon Capital is great fit. Robert Bell is solid, we pay off a lot of their notes when we refinance mutual BRRRR clients.

[email protected]818-606-8823
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  • Nick BelskyBusiness Member
    Residential and Commercial Broker · Member since 2021 · 1k+ posts · 704 votes
    2y

    @Kesha Hamilton

    Some pretty aggressive terms out there right now.  All comes down to FICO, Experience, Market, and Ratios.

    85-95% of Purchase Price with 100% rehab is not too uncommon.

    Lender Points run between 1-3%

    Rates (not that they matter much for FnF) run between 10.5 -13%

    A little less on the Purchase Price leverage if limited or no experience.

    Seems like a lot of FnF lenders are limiting less experienced borrowers to no more rehab that the purchase price in many cases.  Buying lower priced properties then putting more into them is getting a little tougher in some markets.  

    Also, many just raised their minimum loan amounts up to $75k or $100k.  Maximums are still up around $3MM to $5MM for 1-4 Units.

    Cheers!

    [email protected]
    Belsky Mortgage, LLC522 Reviews
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  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    2y
    Quote from @Kesha Hamilton:

    Hello, I am seeking a hard money lender for a few TN purchases. Please let me know the requirements, what documents you need from me, and the terms/parameters of the financing. 


     Hey Kesha, 

    How many flips have you completed in the last 36 months? Also, how fast are you looking to close?

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
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  • Alex BekezaBusiness Member
    Lender · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
    2y

    @Kesha Hamilton If these are in Memphis under $100k then Avalon Capital is great fit. Robert Bell is solid, we pay off a lot of their notes when we refinance mutual BRRRR clients.

    [email protected]818-606-8823
    Investor Property Loan5306 Reviews
    WebsiteView Page
    2Reply
  • Dell Colvert
    Lender · New York NY · Member since 2023 · 77 posts · 5 votes
    2y

    65 to 85% all day here. Requirements, are confidential, email me: [email protected]

    0Reply
  • Kesha Hamilton
    OP
    Memphis, TN · Member since 2021 · 41 posts · 6 votes
    2y
    Quote from @Alex Bekeza:

    @Kesha Hamilton If these are in Memphis under $100k then Avalon Capital is great fit. Robert Bell is solid, we pay off a lot of their notes when we refinance mutual BRRRR clients.


     Thanks; I'll reach out to them!

    0Reply
  • Ryan Davies
    Investor · Salt Lake City, UT · Member since 2019 · 339 posts · 126 votes
    2y

    Typically our lending partners programs are as follows:

    • Rates: 10% to 14% (Most Deals are 12%)
    • Terms: 1 Day - 24 Months (Most Deals are 6 months)
    • Fees: 2-5 points(%) of loan amount paid at closing (Most Deals are 3 points(%))
    • Minimum Loan Amount: $50,000 (For loans less than $200,000 we charge $2,000 up front before working the file)
    • Max Loan: 65-70% of After Repair Value(ARV)
    • 100% Rehab Financing Available (Most Deals require 20% of purchase price down payment or cross-collateral)
    • Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 10 business days)
    • We have private lending partners throughout the entire United States that cover the following states: AL, AZ, AR, CA, CO, CT, DE, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, OH, OK, OR, PA, RI, TN, TX, UT, VT, VA, WA, WV, WI, WY.
    • NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.
    1Reply
  • Kyle DeutschmannPro Member
    Investor · Washington, DC · Member since 2017 · 428 posts · 205 votes
    2y
    Quote from @Kesha Hamilton:

    Hello, I am seeking a hard money lender for a few TN purchases. Please let me know the requirements, what documents you need from me, and the terms/parameters of the financing. 


     Hey Kesha, I used to live in Nashville and have some good hard/private lender contacts. Let me know if you are still looking for someone. 

    [email protected]
    0Reply
  • Mike Klarman
    Specialist · NJ · Member since 2022 · 1k+ posts · 653 votes
    2y

    So as a new investor, Credit is what is most important.  With credit over 720 you are looking at 85% leverage on purchase plus 100% rehab in your loan.  2 - 2.5 points with a 1500 service fee for lender closing costs.  But the loan amount must be 100k between purchase and rehab.

    0Reply
  • Ryan Stuckey
    Lender · Member since 2022 · 217 posts · 148 votes
    2y

    Hi Kesha, Longhorn Investments is very active in TN (only in certain metro areas) and offers some of the best purchase and rehab loans available anywhere. 

    1Reply
  • David ChungPro Member
    Lender · Orange County, CA · Member since 2017 · 56 posts · 14 votes
    2y
    Quote from @Kesha Hamilton:

    Hello, I am seeking a hard money lender for a few TN purchases. Please let me know the requirements, what documents you need from me, and the terms/parameters of the financing. 


     Hi Kesha,

    I'm late to this party but if you're still looking:

    Required:  FICO greater than 600, at least 10% down payment, proof of funds to cover at least 4 interest payments after the down payment

    Documentation Required: Start with a Loan Application - then documentation requests from underwriting will be provided - the list is not very long.  No W-2 or tax returns are required.  

    Terms and Parameters: 6-24 months term, interest-only, non-dutch construction reserves if required up to 100% of the construction budget.  Interest Rate determined by FICO and leverage. We're a direct lender and can be flexible on terms and conditions.

    Call or email for more information!

    [email protected]714-334-8110
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