Who are the best private lenders out there? Thoughts

Question

Wondering what good experiences you may have had with private lenders? Northeast, suggestions....

Rich N. · Answer

@Harold Mateo

right in Wakefield. East Boston Savings, Wakefield Savings and Wakefield Co-Operative have done or offered it in the past.

For some reason, I can not get a second @ to work.  But a private lender, Ann Bellamy (sp?), might be able to help or know others.  She is one of folks that run the Black Diamond meetings.

George Despotopoulos · Answer

Most private lending companies go up to 70% LTV on loan amounts under $100K and some have a minimum loan amount of $75K, while others have a minimum loan amount of $50K @ 70% LTV, which would mean your purchase price would have to be at least $71.5K.

If you're purchasing properties at that price point it may be worth looking into a bridge loan, especially if you need a little financing on some rehabs. You can improve the value of the prop and refinance into a longer term/lower rate.

Harold Mateo · Answer

@Rich Ng, thanks so much!

Harold Mateo · Answer

@Rich Ng wouldn't mind getting to know more about portfolio lenders in MA.

Rich N. · Answer

@Harold Mateo

Are you interested in banks that handle portfolio loans or just private lenders ?

Harold Mateo · Answer

@Stephanie Irto currently doing SFRs 50-70K range, extensive rehab in Massachusetts (have done about 12 now).  Looking to also start building up the rental portfolio, currently own a 4fam closing on a 2fam this month and definitely want to hear people's experience with Private Lenders since I've never used them.  Thanks again.

Stephanie Medellin · Answer

@Harold Mateo  I think you need to be more specific as to what you're looking for in a lender, as not all lenders focus on the same types of transactions or have the same criteria. Are you buying $50,000 SFRs that need extensive rehab, are you buying $500,000 4 plexes that are fully rented, are you looking at commercial properties?  Or are you trying to gather information for a different purpose?

Who are the best private lenders out there? Thoughts

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