I've borrowed from both of the lenders you mentioned (and a lot more). Hard money is very competitive here in WA, which means you have a lot of choices. If you're shopping around for different hard money options, this video may be helpful in your decision making. You need to narrow down what's more important to you first because there is no one-size-fits-all lender.
Keep in mind that an investor's experience with a lender pre-COVID can be completely different than now, especially those lenders that stopped lending in April/May and have started coming back. Just about every lender now has new terms, new underwriting guidelines, and potentially even new (or reduced) staff.
I have worked with both of them. Veristone tends to be the one we went to more often. Both are worth checking out for sure. Notable mention of Rain City Capital, tho I have not done deals with them. I have heard stories that multiple different lenders are pulling out of deals right now due to COVID-19. So if your planning something soon, make sure you contact multiple lenders as some might not lend right now.
Thanks Trent. I will check Veristone, Eastside, and Rain City. You are right, I read on BP that a lot of hard money lenders are on pause now, so I will organize my finances first before moving forward with any deals. Thanks!
I have worked with both of them. Veristone tends to be the one we went to more often. Both are worth checking out for sure. Notable mention of Rain City Capital, tho I have not done deals with them. I have heard stories that multiple different lenders are pulling out of deals right now due to COVID-19. So if your planning something soon, make sure you contact multiple lenders as some might not lend right now.
@ Sherief Elbassuoni Non-Q.M. loans are largely dead for now. I have emails from most residential Hard Money/ Lite Doc Lenders ( 9 in total including Veristone and Mortgage Equities- Wadot and Eastside -Civic -Lima- Velocity) that have all suspended lending for now. 3 of my commercial hard money/ lite doc commercial lenders (multifamily + offices etc ) are also on hold. The few that are left will do 70% LTV not 80% and we shall see if they actually come through. Really Scary as I had applications to refinance a lot of completed rehabs to 30-year Rental Loans. These all have 12-month underlying hard money loans that will come due in a few months and few places to put them now? Smells like 2009 when Blackstone Hedge Fund - was the only game in town.
@Trent Parker I was just looking at veristone. Do you recall what their fees were. They don’t have those numbers on their website and they’ll be closed for the weekend obviously.
We do 1st and 2nd position private money loans in WA state. While we are a little lower leverage than Eastside or Veristone but we can also cross collateralize with your existing real estate to help you with less money out of pocket.
@Sherief Elbassuoni things have certainly changed a lot since March when you posted this but I’ve seen a lot of lenders come back into the game since June. In April and May rates were crazy high but they have leveled out to average around 10/2 - 11/3 now. LTVs are still lower, maxing out at 75/100 for rehab loans and about 70% ltv for a refi/rental loan if you’re holding. Hope this helps.
I've borrowed from both of the lenders you mentioned (and a lot more). Hard money is very competitive here in WA, which means you have a lot of choices. If you're shopping around for different hard money options, this video may be helpful in your decision making. You need to narrow down what's more important to you first because there is no one-size-fits-all lender.
Keep in mind that an investor's experience with a lender pre-COVID can be completely different than now, especially those lenders that stopped lending in April/May and have started coming back. Just about every lender now has new terms, new underwriting guidelines, and potentially even new (or reduced) staff.
Legacy Capital Group - based out of Bellevue - can provide you with a broad spread of private money options for (a) spec SFR construction (b) rehab loan for fix and flip SFR (c) short term acquisition bridge loans for builders, homeowners, investors and (d) mezz loans for ground up construction builders and (e) residential mortgage loans.
Call Chris Gurdjian and see what they can do. No idea what their rates look like today - but know they're active in this space. Also will look at smaller multifamily private money loans also if I recall.
Don't know if they can lever up to 90% in this market- that a lot of leverage for small SFR / multifamily. But give him a call, good guy to know.