Hello Everyone. I currently have four rental properties in Texas. Looking to expand further and seeking additional help financing some duplexes. Which Hard Money Lenders or Private Money Lenders do you recommend? I tried a few Hard Money lenders and most charged around 12 percent, plus points, plus around 5,000 in closing costs and I cant justify spending that on duplexes in the 90-100k range. Are there any Private Money Lending websites with very little fees associated with the loan? Thank you for all your help.
@Ian Henley If properties are rental ready and 1-4 units, you can get a 30 year fixed or adjustable with 20-25% downpayment with private lender. Rates should be a lot lower than 12%, based on credit score and downpayment amount.
@Ian Henley If properties are rental ready and 1-4 units, you can get a 30 year fixed or adjustable with 20-25% downpayment with private lender. Rates should be a lot lower than 12%, based on credit score and downpayment amount.
Ive currently been doing all of mine with 20-25 percent down. But running out of capital that way. Looking to use private money to fund some wholesale deals that I have been getting preferably 90 percent Ltv and I’ll pay the rehab. refinance 7 months later and pay back the basis on the loan. In short, to be able to brrrr and get my roi much lower than conventional loans.
@Ian Henley, I can fund 85% of the purchase price and the rehab. 12% interest with only 1 point. No fees. Best part: I don't do appraisals, which means I can fund next day when needed. For the rehab draws, no 3rd party inspector to argue about the work, send me pics and invoices and I'll send the money to your bank account.
-No prepayment penalties or minimum hold times
-Only pay interest on rehab draws that you have taken
If you would like to see how the numbers breakdown, email me an address, purchase price, and your rehab estimate and I'll send you a loan estimate. Thanks!