Georgia LLC Lender Suggestions

[Matt OConnor]

Hi all, I've tried the featured BP hard money lenders, and a few others - some that were viable previously have actually stopped lending to LLCs specifically during the covid19 pandemic.

I'm looking for recommendations on lenders for rental properties that lend to LLCs (not a personal guarantor) in the state of Georgia. Of course the lower the seasoning period and rate the better.

Any suggestions or good experiences?

Any cautionary tales of who not to use?

Much appreciated

[Ramon Purifoy]

@Matt OConnor LendingOne seems to still be in business... lendingone.com

You could also try MoFin if you haven’t already mofinloans.com

[Alex Bekeza]

@Matt OConnor There are many lenders which allow LLC vesting. However, they'll also always require a warm body guarantor and nearly always be full recourse. Like @Ramon Purifoy said, LendingOne is one such lender.  However, they will require a warm body guarantor even when title/loan docs are in the name of LLC.  Any member owning 20% or more of the entity will typically be required to guaranty the loan with these types of lenders. (Non QM, Commercial, etc). Hope this helps. 

As for the other part of your post. Pre Covid, There were several lenders who offered short, typically 90 day, seasoning for quick cash outs off of new appraised value (obviously ideal for BRRRR). However, of those lenders which have reopened post Covid, none of the ones that I"m aware of are still offering 90 day seasoning. They've all increased to 6 months and reduced max cash out to 70%. A real wrench in the plans of many BRRRRs currently in process. However, these are of course temporary measures to appease secondary market buyers on Wall St. which these loans rely on.

My fake crystal ball says 75% cash out and short seasoning are gone until after the election, people go back to work full time and get off unemployment, and we can have a general rise in market confidence. 

[Nathan James Flesher]

Bumping this post to see if there has been any improvement in lending options in GA.

Specifically for me I'm interested in a BRRRR SFR cash out at around $115k ARV and short seasoning. So far I was quoted from Guaranteed Rate (BP vendor): 75%LTV max, 30YFR, 3.625% +2pts