Financing Options in North Carolina

8 Replies

Hello Everyone - I'm a rookie investor in Cary, NC looking to get started investing in the Triangle area (SF, Small MF / BRRRR, B&H, Flips).

Since I'm not quite able to buy with cash, I'm curious if any of you have recommendations for local credit unions/smaller banks that offer financing (fixed rate or adjustable) for less than 20% down. I've found promising leads with SECU, and also looked into Coastal Credit Union, but I wonder if there are if there are other local portfolio lenders offering short loan seasoning periods (<6 months), or who are even potentially able to roll the rehab into the loan?  Thanks in advance! 


Paul, to answer your question, you are going to most likely find the type of lending you're looking for in a hard money lender. You can find some at local REIA meetings and through networking. My advice though would be to find a mentor first. Think about where you want to be in ten years and find somebody who's already there or higher. Then offer them your time free in exchange for their knowledge. Many of us started from nothing and made plenty of mistakes getting to where we are today. There's no need to repeat our mistakes, just find a mentor and compress time. Best of luck!

Thanks to you both; this is great advice. Though I do have some mentoring help, since it isn't local so you are right @Jason E. Smith I will try attending a REIA meeting.

I will also be sure to read Brandon's book, @Jeremy Wirths - it's on my shelf, I've just been immersed in the other great BP reads. I'm glad to hear I'm on the right track with local banks. Thanks again!  

Paul - I'm in Raleigh and am also new to the RE game. I have 2 STR properties out in Western NC, but looking to do something closer to home like a BRRRR that I can better oversee. I have tried to get to a TREIA meeting as well, but work travel has kept me away the last several. Would love to connect at some point and share ideas.


Good to hear, Joseph - would love to own a STR at some point in Western NC. We love the mountains. Still am hoping to make it to the new investors TREIA meeting sometime in the next month or so - would be great to connect there if we coincide!

Hey Paul,

There are plenty of local private money and hard money lenders as well as national lenders that will lend 90% of total cost (purchase price and rehab). I know of a couple that you can refinance directly through the same lender after completing the rehab and getting a tenant in the property. PM me if you would like their contact info.