In search of a private lender
Hello BP community, I was wondering if someone could point me in the right direction. I recently bought a property in Aiken, SC and I am looking for a private lender to finance the rehab of a 2 bedroom 1 bath house with a trailer at the back. I reached out to a couple of hard money lenders and was told the loan amount needs to be $150k or more for it to make sense. I am currently seeking $45K with a return on investment. Thanks!
Hey Surrug, I've got the resources to potentially help you with that. let's chat and see how the deal looks.
Benjamin Krebs's Blinq Card
Hi Surrug,
I'm in Charleston and would be interested in discussing this deal to see if it would fit in anyone's box.
Hi Surrug,
I have access to 1,000 lenders. I could potentially assist you with this deal. Let's have a conversation!
Quote from @Surrug Maiko:
Hello BP community, I was wondering if someone could point me in the right direction. I recently bought a property in Aiken, SC and I am looking for a private lender to finance the rehab of a 2 bedroom 1 bath house with a trailer at the back. I reached out to a couple of hard money lenders and was told the loan amount needs to be $150k or more for it to make sense. I am currently seeking $45K with a return on investment. Thanks!
Have you looked into tapping into a HELOC on your primary? You may be able to find a local hard money lender however the fees and terms will be too expensive.
You are better off partnering up with an investor on this deal.
Quote from @Surrug Maiko:
Hello BP community, I was wondering if someone could point me in the right direction. I recently bought a property in Aiken, SC and I am looking for a private lender to finance the rehab of a 2 bedroom 1 bath house with a trailer at the back. I reached out to a couple of hard money lenders and was told the loan amount needs to be $150k or more for it to make sense. I am currently seeking $45K with a return on investment. Thanks!
Thanks for reaching out Erik, I have talked with a couple of hard money lenders and most if not all told me that what I'm asking for in funding is too low also their fees are above 30%. I have since made a proper post in the classified section looking for a private lender/ investor. I believe that someone is out there who would like a project like mine, just being hopeful!
Hi, this one could be tricky in my experience, something like an unsecured loan might be your best bet. I have used them in the past.
Hard Money Company should do it. But expensive