Private Lending

User Stats

39
Posts
9
Votes
Encarnacion Gutierrez
  • Pasadena, CA
9
Votes |
39
Posts

Unsecured financing lender

Encarnacion Gutierrez
  • Pasadena, CA
Posted Oct 29 2022, 18:51

Does anyone have any recommendations for a lender that makes unsecured loans for real estate? 

User Stats

22
Posts
8
Votes
Jonathan Schwartz
  • Rental Property Investor
  • Los Angeles, CA
8
Votes |
22
Posts
Jonathan Schwartz
  • Rental Property Investor
  • Los Angeles, CA
Replied Oct 29 2022, 21:21

I don't know of any unsecured loans for real estate purchase. Anyone who would give you money to buy a property would be crazy to not want it secured, even hard money lenders want this. The only exception I can think of is if you're doing some sort of portfolio lending. However, even then - it would be collateralized against the portfolio. Now, this is not to say you can't get unsecured loans (personal loans, SBA, etc) but you wouldn't want to tell them you're buying real estate with it as they would deny you.  :) I've used credit card loans, retirement loans, and HELOCs to buy real estate, but I didn't exactly say what I was using it for. 

User Stats

14
Posts
7
Votes
Eugene Nilus
  • Investor
  • Bay Area, CA
7
Votes |
14
Posts
Eugene Nilus
  • Investor
  • Bay Area, CA
Replied Nov 18 2022, 14:05

Solid answer @Jonathan Schwartz.

@Encarnacion Gutierrez, what is the purposes of the loan? What are you trying to achieve?

User Stats

192
Posts
88
Votes
Adam Bartling
  • Lender
  • Sugar Land, TX
88
Votes |
192
Posts
Adam Bartling
  • Lender
  • Sugar Land, TX
Replied Nov 18 2022, 15:57

I think what you're really asking is there a lender that does non-recourse loans, which means the lender is not going to go after your personal assets. 

Nobody is going to make a non-secured loan on real estate, the loan is going to be secured by your real estate which is called a non-recourse loan. 

if this type of loan existed I would be the top loan broker in the state of Texas

User Stats

39
Posts
9
Votes
Encarnacion Gutierrez
  • Pasadena, CA
9
Votes |
39
Posts
Encarnacion Gutierrez
  • Pasadena, CA
Replied Nov 23 2022, 19:10
Quote from @Eugene Nilus:

Solid answer @Jonathan Schwartz.

@Encarnacion Gutierrez, what is the purposes of the loan? What are you trying to achieve?

I know a seller willing to offer seller financing, but he will not allow inspections bee we sure there is deferred maintenance, therefore I cannot do a hard money loan. He wants a large down, so I need an unsecured loan For the down payment. Once es I take possession, then I can remove the tenants and do the remodel with my own funds, and refinance when I’m done with the rehab.

User Stats

39
Posts
9
Votes
Encarnacion Gutierrez
  • Pasadena, CA
9
Votes |
39
Posts
Encarnacion Gutierrez
  • Pasadena, CA
Replied Nov 23 2022, 19:27

Thank you to everyone who responded, however I do have 1 simple request. 

If you know absolutely nothing about unsecured lending and are not offering me a solution, please do not reply.


Unsecured lending for real estate is a niche area, it does exist, and I know of some lenders already. I am doing research so I can choose the proper lender, not looking for opinions of people who do not have useful information to offer. 

User Stats

7,784
Posts
6,050
Votes
Chris Seveney
  • Investor
  • Northern Virginia
6,050
Votes |
7,784
Posts
Chris Seveney
  • Investor
  • Northern Virginia
Replied Nov 24 2022, 03:45

@Encarnacion Gutierrez

No lender will lend a loan unsecured to buy real estate that the seller will not allow an inspection.

This is what people have been trying to tell you.

User Stats

39
Posts
9
Votes
Encarnacion Gutierrez
  • Pasadena, CA
9
Votes |
39
Posts
Encarnacion Gutierrez
  • Pasadena, CA
Replied Nov 26 2022, 19:01
Quote from @Chris Seveney:

@Encarnacion Gutierrez

No lender will lend a loan unsecured to buy real estate that the seller will not allow an inspection.

This is what people have been trying to tell you.


You and the others have clearly never done unsecured lending and have no idea what you are talking about. What I am trying to tell you and the other responders is that I am not asking if it possible, I already know it is posible, I am only looking for the right lender for my case. 

User Stats

7,784
Posts
6,050
Votes
Chris Seveney
  • Investor
  • Northern Virginia
6,050
Votes |
7,784
Posts
Chris Seveney
  • Investor
  • Northern Virginia
Replied Nov 26 2022, 19:14

@Encarnacion Gutierrez

You are correct I have never done unsecured lending because I am not one to take on that level of risk. But I have owned tens of millions of dollars in secured loans because when people lend they want to secure it to something.

Making the insinuation we are idiots because we are giving advice only makes you foolish.

If you want unsecured debt here are 2 numbers to call:

800-847-2911 and ask for Visa or 800-307-7309 and ask for Mastercard.

User Stats

37,539
Posts
54,400
Votes
Jay Hinrichs#1 Private Lending & Conventional Mortgage Advice Contributor
  • Real Estate Broker
  • Lake Oswego OR Summerlin, NV
54,400
Votes |
37,539
Posts
Jay Hinrichs#1 Private Lending & Conventional Mortgage Advice Contributor
  • Real Estate Broker
  • Lake Oswego OR Summerlin, NV
Replied Nov 26 2022, 19:28

careful those that are offering you unsecured loans are not frauds .. that niche is loaded with fake lenders who ask for upfront money and never fund you. Tell you what you want to hear etc. 

True unsecured loans ( and I have those from 3 different banks) are relationship based and for those with years and years of experience and decent balance sheets and cash reserves etc. And or they can be landed for those that have existing business's with a ton of track record.. right now I get one to two calls a week offering unsecured loans and I know they are just in the same league as all the other dial for dollars crooks out there.

So those that will make unsecured loans for your real estate deals are usually family friends close associates.. Not companies or ANYONE on the internet advertising they do them.

User Stats

128
Posts
3
Votes
Dave McIntyre
  • Investor
  • Northern NJ
3
Votes |
128
Posts
Dave McIntyre
  • Investor
  • Northern NJ
Replied Dec 4 2022, 10:18

Hi En,

There are indeed legit unsecured funding programs. Funds can be used for down payment or gap funding, as well as 100% funding of a purchase. 

Be happy to connect.

Best,

Dave