Help: Investing out of state. Looking for lender

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Help: Investing out of state. Looking for lender

Carlos Handler
Member since 2022 · 19 posts · 17 votes

Hi Everyone! I’ve been more active on this forum lately. Looking to sell my 10 homes and take my money to invest in Missouri, Illinois, area. 
All my homes are in California, I've been extremely fortunate to have a wonderful broker who does private & hard money loans and conventional. If I had the 20% down payment he would say let's go. I would like to find someone like him who is a certified lender in Missouri and Illinois and can do private/ hard money and conventional DSCR loans. Thanks for your help in advance!

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  • Joe HammelBusiness Member
    Real Estate Agent · Metro Detroit, MI · Member since 2018 · 614 posts · 666 votes
    2y

    On here (bp website) at the top under "build your team" is a find a lender option. Might be something to try.

    [email protected]248-422-1685
    FIRE Realty Team - Keller Williams5379 Reviews
    WebsiteView Page
    0Reply
  • River SavaPro Member
    Lender · USA · Member since 2022 · 1k+ posts · 1k+ votes
    2y

    Hi Carlos! 

    I would love to connect and chat about this with you. Check your inbox!

    [email protected]
    0Reply
  • Paul Higbie
    Lender · Lenexa, KS · Member since 2017 · 83 posts · 43 votes
    2y

    Hello Carlos,

    We do private loans, hard money loans (is there a difference?) and work with the best DSCR lender in the business. I am in the Kansas City area and would like to see how I may be of assistance.

    Paul.

    0Reply
  • Caleb Brown
    Real Estate Agent · Kansas City · Member since 2018 · 4k+ posts · 3k+ votes
    2y
    Quote from @Carlos Handler:

    Hi Everyone! I’ve been more active on this forum lately. Looking to sell my 10 homes and take my money to invest in Missouri, Illinois, area. 
    All my homes are in California, I've been extremely fortunate to have a wonderful broker who does private & hard money loans and conventional. If I had the 20% down payment he would say let's go. I would like to find someone like him who is a certified lender in Missouri and Illinois and can do private/ hard money and conventional DSCR loans. Thanks for your help in advance!


     Happy to connect you to a lender for MO, he can do a variety of loans

    0Reply
  • David ChungPro Member
    Lender · Orange County, CA · Member since 2017 · 56 posts · 14 votes
    2y
    Quote from @Carlos Handler:

    Hi Everyone! I’ve been more active on this forum lately. Looking to sell my 10 homes and take my money to invest in Missouri, Illinois, area. 
    All my homes are in California, I've been extremely fortunate to have a wonderful broker who does private & hard money loans and conventional. If I had the 20% down payment he would say let's go. I would like to find someone like him who is a certified lender in Missouri and Illinois and can do private/ hard money and conventional DSCR loans. Thanks for your help in advance!

    Hi Carlos, I'm a direct lender for the private/hard money loans and we also do the DSCR in Missouri and Illinois.  We're also a California brokerage and can help you exit your CA porfolio.  Give me a call and we'll take care of all your needs.  
    [email protected]714-334-8110
    0Reply
  • Kerry Boyle
    Lender · Bethesda MD · Member since 2017 · 283 posts · 123 votes
    2y
    Quote from @Carlos Handler:

    Hi Everyone! I’ve been more active on this forum lately. Looking to sell my 10 homes and take my money to invest in Missouri, Illinois, area. 
    All my homes are in California, I've been extremely fortunate to have a wonderful broker who does private & hard money loans and conventional. If I had the 20% down payment he would say let's go. I would like to find someone like him who is a certified lender in Missouri and Illinois and can do private/ hard money and conventional DSCR loans. Thanks for your help in advance!


     Unlike California, there is no requirement for private/hard money lenders to be 'certified' in Missouri or Illinois.

    0Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    2y
    Quote from @Carlos Handler:

    Hi Everyone! I’ve been more active on this forum lately. Looking to sell my 10 homes and take my money to invest in Missouri, Illinois, area. 
    All my homes are in California, I've been extremely fortunate to have a wonderful broker who does private & hard money loans and conventional. If I had the 20% down payment he would say let's go. I would like to find someone like him who is a certified lender in Missouri and Illinois and can do private/ hard money and conventional DSCR loans. Thanks for your help in advance!


     Hey Carlos, 

    You do not need to be licensed in those states to originate hard money, private money, and commercial loans. So technically your broker could still help you. 

    Now if you need a conventional loan, you will need to find a local broker or LO in the area. But at that point, you might just opt for the DSCR loan instead because of the DTI and the rates, being nearly the same, for less paper work.

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
    WebsiteView Page
    0Reply
  • Jacob Sherman
    12 Penns Trail Suite 138 Newtown, PA 18940 · Member since 2023 · 1k+ posts · 319 votes
    2y
    Quote from @Carlos Handler:

    Hi Everyone! I’ve been more active on this forum lately. Looking to sell my 10 homes and take my money to invest in Missouri, Illinois, area. 
    All my homes are in California, I've been extremely fortunate to have a wonderful broker who does private & hard money loans and conventional. If I had the 20% down payment he would say let's go. I would like to find someone like him who is a certified lender in Missouri and Illinois and can do private/ hard money and conventional DSCR loans. Thanks for your help in advance!


    Hey Carlos ! My name is Jacob with Lendbright ! We are a direct lender specializing in bridge, fix and flip, ground up construction and DSCR ! What are some of your purchase scenarios looking like ? Lets connect and discuss . 267-516-0896 [email protected]

    0Reply
  • Matt Moylan
    Insurance Broker · Kansas City, MO · Member since 2017 · 370 posts · 127 votes
    2y
    Quote from @Paul Higbie:

    Hello Carlos,

    We do private loans, hard money loans (is there a difference?) and work with the best DSCR lender in the business. I am in the Kansas City area and would like to see how I may be of assistance.

    Paul.

    I would HIGHLY recommend Paul!
    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.
    0Reply
  • Kerry Noble JrPro Member
    Investor · Indianapolis, IN · Member since 2018 · 2k+ posts · 1k+ votes
    2y

    Check with @Jayson Cain on the DSCR products

    0Reply
  • Carlos Handler
    OP
    Member since 2022 · 19 posts · 17 votes
    2y

    Thank you everyone for your help! I had no idea I could continue working with my current lender. I didn’t know in Missouri and Illinois you don’t need to be certified in those states for hard money loans. 

    0Reply
  • Mel F.
    Lender · Chicago · Member since 2015 · 66 posts · 25 votes
    2y
    Quote from @Carlos Handler:

    Thank you everyone for your help! I had no idea I could continue working with my current lender. I didn’t know in Missouri and Illinois you don’t need to be certified in those states for hard money loans. 


    Hey Carlos, I'm not sure what part of IL you're interested in, but I'm based in Chicago, and there are TONS of cheaper properties (compared to Cali) in the suburbs, and in the city if you're willing to manage through city ordinances, inspections, etc. Let's connect so I can understand your goals with investing in IL and see if I can add any value to your strategy.

    0Reply
  • Derek BrickleyBusiness Member
    Lender · Ann Arbor, MI · Member since 2021 · 672 posts · 228 votes
    2y

    Hi Carlos! We do have an in-house DSCR program as well as many investors that have varying guidelines for "gifts" if you were looking to work with partners or private money. Feel free to reach out with any questions you may have or if you wish to look at different options.

    [email protected]734-645-7722
    Gold Star Mortgage Financial Group548 Reviews
    WebsiteView Page
    0Reply
  • Carlos Handler
    OP
    Member since 2022 · 19 posts · 17 votes
    2y

    Hi Kerry 

    thank yOu for your help! Where would I be able to find this information that in Missouri my California lender doesn’t need to be certified for hard money loans. Is that the case in Illinois and Indiana? Or where can I find this information. Thank you! 

    0Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    2y
    Quote from @Carlos Handler:

    Hi Kerry 

    thank yOu for your help! Where would I be able to find this information that in Missouri my California lender doesn’t need to be certified for hard money loans. Is that the case in Illinois and Indiana? Or where can I find this information. Thank you! 


     Hey Carlos, 

    Your broker will be able to provide that to you. However you may also look at the DRE website regarding business purpose loans. They do not need to be licensed to originate business purpose loans. 

    https://www.dre.ca.gov/files/pdf/faqs/safe_faq_filing_nmls.p...

    This varies from state to state, so some lenders may or may not need a license. 

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
    WebsiteView Page
    0Reply
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