Baltimore city investor seeking private funding

Investor · Baltimore, MD · Member since 2012 · 605 posts · 103 votes

I am looking for a loan of $50k to purchase and rehab a property for rental. I have contacted multiple hard money lenders and they have run out of funds. There are multiple investors in the area and the property provides great cash flow. Please contact me for further details!

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Ned CareyPro Member

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Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes

12y

There is a list of hard money lenders here on the BP site ans also in my site below.

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Girard Curry
Baltimore, MD · Member since 2014 · 54 posts · 1 vote
12y
Try Dohardmoney.com. I have not done any business with them but I did speak with Breeze Stringham their funding specialist and what he was telling me sounded good. Let me know if you have any luck with them.
801-938-3795
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Christina R.
Investor · DMV Maryland · Member since 2013 · 867 posts · 370 votes
12y
T. Guy Gook
www.advanceamericaproperty.com
Gary Waicker
www.cavrealty.com
I have spoken at length with these two gentleman about property in the city. Frankly, I think if they won't lend on it, no one will.
Dominion Lending
http://dominionprivatelending.com/
May be a possibility. As I have been wisely advised, the terms can be very one-sided with any HML. @Ned Carey may be able to help with other funding suggestions.
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Ned CareyPro Member
Moderator
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
12y
There is a list of hard money lenders here on the BP site ans also in my site below.
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Anil Samuel
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Investor · Baltimore, MD · Member since 2012 · 605 posts · 103 votes
12y
@Girard Curry I appreciate the information I will see if I can reach out to them
@Christina R. I reached out to Dominion Financial and they were not willing to loan in the area I am interested in. I also contact MD Private Lender. I contacted Bill Fell and Joe Dimaggio as well to no avail.
@Ned Carey I went through most of the HMLs on your website, but from the people I have spoken with most do not want to lend in the neighborhood of interest. I also spoke with Neal Roseman and he wasn't interested either. I have a new person I am trying to reach out to and I will see if he can lend me the money to move forward. The contractors have already given me some quotes for the work. I would like to move quickly once I get this financing setup. That seems to be the long pole in the tent nowadays.
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Christina R.
Investor · DMV Maryland · Member since 2013 · 867 posts · 370 votes
12y
Did you try Gary at Cavalier?
As you are learning it is extremely hard to get purchase AND rehab funding in a lot of B'more City.
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Andy Luick
Real Estate Investor · atlanta, GA · Member since 2013 · 456 posts · 237 votes
12y
Have you tried joint venturing with private money in your area? That's typically what my group does in atlanta and it's usually a win-win situation. Our partners get higher than normal returns and we do all of the heavy lifting, rehabs and renting. Worth a shot..
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Tyrus Shivers
Investor · Jessup, MD · Member since 2013 · 437 posts · 180 votes
12y
@Anil Samuel
Those are the some of the most common names from the Hard Money lender camp. I can tell you that they cautious as well. Try Michael Novak 443.738.1614 if you have not already.
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Anil Samuel
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Investor · Baltimore, MD · Member since 2012 · 605 posts · 103 votes
12y
@Tyrus Shivers I did speak to Michael Novak, I am waiting for him to call me back.
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Anil Samuel
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Investor · Baltimore, MD · Member since 2012 · 605 posts · 103 votes
12y
I just got approved to move forward on the property. Hopefully the appraisal comes back with the right numbers!
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Curt DavisBusiness Member
Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
12y
Go search out Bill Fell with the Balimore REIA, he would know where to point you to go.
Curt Davis - KAIZEN Realty538 Reviews
Website View Page
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Anil Samuel
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Investor · Baltimore, MD · Member since 2012 · 605 posts · 103 votes
12y
@Andy Luick I am reaching out to some private lenders and seeing if they can lend. I may have no other option than to partner with someone who would like to invest in the area.
@Curt Davis Bill Fill is one of the first people I called and he said he was waiting for money to come back in. He pointed me to Joe Dimaggio who I called and I am waiting for a response. I am also a member of the Baltimore REIA!
@Tyrus Shivers Micahel Novak will not lend if there are board ups on the street so I will not be able to use Novak Financial. He was working with Tammy @ Federal Hill Mortgage for my re-finance. Still searching for private or hard money to lend in 21223
@Christina R. I did reach out to Guy Cook who said the amount was too small. I will reach out to Gary at CAV.
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Anil Samuel
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Investor · Baltimore, MD · Member since 2012 · 605 posts · 103 votes
12y
Has anyone experienced a lender who was going to do a refinance based on income of property then change their tune to require comparable home sales? The area I am buying in has a lot of investors buying and rehabbing for rentals. Therefore the comparable sales of rehabbed properties in the area are very low, since most people are keeping the properties.
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Christina R.
Investor · DMV Maryland · Member since 2013 · 867 posts · 370 votes
12y
Have you considered asking Mark and/or Denise to JV this with you? they may consider it as they (1) know that area inside out, (2) have tons of their own rentals there, (3) are extremely familiar with the judicial process in B'more City so in the event they would have to foreclose on the house they know with eyes-wide-open what they are getting into, (4) they have their contracting teams in place and know exactly what they want to do with a property. Expect hard money terms from these two, that would be my gut sense on if they were inclined to get involved.
Someone mentioned to me that if an HML won't lend in an area, most likely private money lenders won't either. This is a total <$30K area (there is an entire thread on BP if you haven't seen it about sub$30 K properties and the pros and cons of them). However, I believe you bought the house at a "right" price (I haven't seen the condition) and based on discussions I've heard with Mark and Denise, barring some unforeseen huge complication with the house, it could be within their "all in" range on what they did with properties there.
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Anil Samuel
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Investor · Baltimore, MD · Member since 2012 · 605 posts · 103 votes
12y
@Christina that is great advice. The thought crossed my mind, but I think they may not want to at this time. I may ask them though.
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