Anybody ever used Lima One Capital in Baltimore?

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Anybody ever used Lima One Capital in Baltimore?

Uri Robinson
Suitland, MD · Member since 2015 · 11 posts · 2 votes
Good Evening all! I'm currently working on obtaining funding for a multi-unit I'm interested in purchasing and a friend of mine recommended Lima One Capital as a Hard Lending company instead of going with a traditional bank. Does anybody have any experience with this company before I give them a call? Look forward to hearing from you all! Thanks, Uri Robinson
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Justin Thompson
Lender · Greenville, SC · Member since 2012 · 25 posts · 5 votes
10y
Hi all, Disclosure: I work for Lima One Capital. We recently debuted our FixNFlip Advantage across our entire lending area. We start at 3.5% Origination and 12% Interest. Will go down to 2% Origination and 10% Interest based on experience. Our Rental30 is also a great option for purchase or refinance. Uri, we look forward to talking to you!
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  • Russell BrazilBusiness Member
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    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    10y

    Never heard of them. A few questions though. How many units is the building? If it is 4 or less....why not go the conventional loan route? If it is 5 or more. ..why not a commercial/portfolio route? Is it for a buy and hold? Hard money only really make sense for a short term strategy like a flip.

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  • Darrell Shepherd
    Rehabber · Smyrna, GA · Member since 2013 · 864 posts · 510 votes
    10y

    They're based out of Atlanta.  Good guys to work with from everything I've heard and I know several of them well as we run in the same RE circles.  They have a rental 30 program if you are going long term that is the best I know of in that niche.  If you are looking for money for a flip there are better rates and terms than they offer out there.

    Their rental 30 rate is in the mid 8's I think. 30 year am, easy qualify. Best feature of it is they'll do 100% on it if the LTV is 65%.

    Saying that, if you can qualify for bank money, you should.   Hard money is way more expensive.

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  • Ray Slack
    Investor · White Haven PA · Member since 2014 · 362 posts · 221 votes
    10y

    I've spoken with them before but found better rates/points for flipping properties with other lenders.   Explain your situation a bit further, the property and your goals and I can make a few suggestions.

    1. Do you have cash for Down Payment? 

    2. Do you have good credit? 

    3. Do you have experience flipping?

    4. You looking to buy and hold ? or flip it?

    5 turnaround time?

    6. what the PP, Rehab cost and ARV?

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  • Justin Thompson
    Lender · Greenville, SC · Member since 2012 · 25 posts · 5 votes
    10y
    Hi all, Disclosure: I work for Lima One Capital. We recently debuted our FixNFlip Advantage across our entire lending area. We start at 3.5% Origination and 12% Interest. Will go down to 2% Origination and 10% Interest based on experience. Our Rental30 is also a great option for purchase or refinance. Uri, we look forward to talking to you!
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  • Matt Powell
    Catonsville, MD · Member since 2014 · 89 posts · 21 votes
    10y
    Originally posted by @Russell Brazil:

    Never heard of them. A few questions though. How many units is the building? If it is 4 or less....why not go the conventional loan route? If it is 5 or more. ..why not a commercial/portfolio route? Is it for a buy and hold? Hard money only really make sense for a short term strategy like a flip.

    Suppose it's possible the OP is just using hard money for a down payment on a conventional/portfolio/seller loan. Could also be using it for rehab costs so he can increase revenue from the property by raising rents. Would be a great way to leverage hard money in a limited capacity while hustling to earn that money back to pay it off quickly.

    But I agree - using hard money for the entire loan on a long-term hold property doesn't make sense unless it's literally the only type of loan you can get because you have bad credit, debt-to-income, etc. And even then there would be obviously be other priorities before getting loans.

    I'd also add that home equity loans and lines of credit could be good alternatives to hard money, depending on whether the OP currently owns and has equity.

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  • Dean Weltman
    Investor · The Colony, TX · Member since 2014 · 192 posts · 66 votes
    10y

    Although the OP referred to them as a hard money lender, which I believe they are, the have a new product which is a long term loan for rental properties, probably similar terms to others in this niche. It's not a hard money loan he's looking at, but a loan with a 30 year amortization... FYI

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  • Jonathan J. Miller
    Lender · Denver, CO · Member since 2015 · 275 posts · 35 votes
    10y

    I work with them on occasion and the get deals done.  There are better options out there though.

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