Real Estate Broker · Forney, TX · Member since 2019 · 1k+ posts · 399 votes
Good evening. I am looking for recommendation for a hard money or private lender in Dallas area. I have found a property that I would like to pursue as a BRRR strategy. I believe the ARV to be S220K-S225K. The repair cost is estimated at $50K. Any help would be appreciated.
Thank you. What would a lender like to know in the form of a presentation? CMA?
Beat the guesswork. For a SFR 1-4 forget about wasting time making a presentation. Just contact the lender, have a (short?) chat on what they can offer and the loan process and give a few bare details about the property type and location, loan type and amount, your credit score and how many properties you have done before. If you like what you hear ask them to send you a Loan Application Form.
So many times I'm approached with a deluge of info, pics and docs that I don't need. All too often these same folks are the ones that I jokingly threaten to send to my remedial form-filling class. It's just 4 simple pages for Heavens sake.
As a HML loan originator I'm mainly interested in knowing if you, the property and loan requirements match our loan criteria. Round pegs in round holes. Don't worry, there is a field near the end of our application form for you to wax lyrical about how amazing this opprtunity in Dallas is if you like. :)