Hard/Private Money Loans
Hey everyone! I did my first deal with my own money in cash, but to scale up I obviously can't continue to do that! 90% of the homes I'm interested in are one's I'd use the BRRR method for (sometimes a fix and flip, but not as often) and I was wondering if anyone had good recommendations for private lenders? There's so many, and for me it's also a scary leap since I'm new to that option. Any tips and recommendations are greatly appreciated!
Cheers y'all!
Richmond has a ton of private money lenders who operate primarily on a face-to-face, relationship basis. I see you're in Roanoke, but if you can get out to the in person events here it'll be worth it.
Thank you so much!
Congrats on getting your first deal done! Yes cash is great but usually not feasible for scaling - there are plenty of hard money/private lenders out there - I would just be cautious of who you are interacting with and confirm they are legit before getting started - happy to connect!
- Lender
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Quote from @Brynnen Beierle:
Hey everyone! I did my first deal with my own money in cash, but to scale up I obviously can't continue to do that! 90% of the homes I'm interested in are one's I'd use the BRRR method for (sometimes a fix and flip, but not as often) and I was wondering if anyone had good recommendations for private lenders? There's so many, and for me it's also a scary leap since I'm new to that option. Any tips and recommendations are greatly appreciated!
Cheers y'all!
You might want to consider working with a mortgage broker that has plenty of private and hard money relationships. Besides looking to take out some of the cash you invested in this property to scale up, why are you looking for private money? Plenty of DSCR lenders and Hard Money lenders that can do this for you.
Hi Brynnen, I'm currently working with a hard money lender in Richmond right now.
We already purchased the property and we are waiting the time for the Refi. If you are interested I can refer you to this gentleman.
He's old school, very professional. One stop shop. You can do everything in house with him.
Let me know if you want to have a quick chat so I can tell you my experience.
Best
R
- Washington, DC Mortgage Lender/Broker
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Quote from @Brynnen Beierle:
Hey everyone! I did my first deal with my own money in cash, but to scale up I obviously can't continue to do that! 90% of the homes I'm interested in are one's I'd use the BRRR method for (sometimes a fix and flip, but not as often) and I was wondering if anyone had good recommendations for private lenders? There's so many, and for me it's also a scary leap since I'm new to that option. Any tips and recommendations are greatly appreciated!
Cheers y'all!
If you're in Roanoke, call June Kirk. PM me and I'll get you her number.
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Broker
- US Commercial
Quote from @Riccardo Roggeri:
Hi Brynnen, I'm currently working with a hard money lender in Richmond right now.
We already purchased the property and we are waiting the time for the Refi. If you are interested I can refer you to this gentleman.
He's old school, very professional. One stop shop. You can do everything in house with him.
Let me know if you want to have a quick chat so I can tell you my experience.
Best
R
Hey Riccardo, I'd love to get his contact if possible!