Is anyone here a private money or hard money lender in OKC or know a good one you could point me to? I currently have one rental and am looking to add 3-4 units over the next year. Any help would be appreciated. Thank you
@Jeff West why hard money? why not do a commercial loan? much better terms generally.
@Rhett Tullis Mainly because I will need to finance any rehab into the loan. If I could find a turnkey property that cash flows then I would consider a commercial loan. I just don't have the liquid funds right now to go with tradition financing and rehab out of pocket. I am relatively new to this though and any feedback is greatly appreciated.
I just closed on a house and worked out a deal with commercial and rehab loan all tied together. I can refer you to the broker I worked with if you want.
@farhan - Hi, can you forward that broker info to me?
@Jeff West I agree on commercial loan. Visit some smaller, private banks, and I'm sure they will finance your purchase + rehab costs up to 80% if it appraises and your plan is solid. Plus you already have one rental, so you should have solid collateral or even sufficient equity for a LOC. Just be prepared to be babysat if you go this route. Will probably need an approved contractor, and then will have to get each invoice approved by lender as you work your project.