How do I find private investors?

Question

Hello. newbie here, need 30k to finish a project, Is 15% to much to pay?

I have a 90k loan, need 30k to finish and after value is 320k. How to find the funding in my area or national that are legit and reputable.

Reginald Truss · Answer

Berto, one of my funding partners may have an unsecured option for the $30,000 you need, depending on your credit and financial profile. Are you currently working with any other lenders? Message me if you’d like to explore it.

Jiao Liu · Answer

Hi Berto — 15% isn't out of line for money like this. But the cleaner route is usually redoing the whole loan instead of adding a small second: $90K payoff plus the $30K to finish is $120K against a $320K completed value — that prices better and closes simpler.

Two things I need: is the existing $90K a hard money loan, and how do you plan to repay — sell it when it's done, or refinance into a long-term loan?

Send me that and I'll run the numbers.

— Jiao

Lee Burns · Answer

Hey Berto, this project has solid numbers so congrats and hopefully it pans out. I've PML and HML connections for almost all loan types. Are you free to chat it over tomorrow?

Darren Kurilko · Answer

Berto, we specialize in impossible situations, and we work deals like this all the time. Do you own other RE?

15% for hard Money is the going price - - I would be happy to look at your numbers and help you find the right fit to get it done. Call or text me, or reply here.

Best,
Darren Kurilko
SizzleCapitalGroup.com
DarrenFundsStartups.com
941-800-8534 call/text
Venice, Florida
"We specialize in impossible situations."

Derek Brickley · Answer

Hey Berto!

15% isn't crazy for short money like this if that's an annual rate, on $30k it's roughly $375 a month in interest, so the real question is how fast you can finish and get out. Before you take anyone's money, read your current note for a due on encumbrance clause. Most hard money first liens don't allow a second lien without written consent, so ask your current lender first if they'll fund the extra $30k as an additional draw. At $120k total against a $320k ARV you've got plenty of room, and a cash out refi once it's done would pay off both cleanly.

Star Moses · Answer

Hello I can help you with that let’s see what we can do here’s the application you can fill out an by the way my name is Shavon Im a private lender

https://reilcap.com/apply-now/?ref=MosesRP

Agrie Ahmad · Answer

Hello it would be nice to connect with you,send me a connect request so we can have a good conversation primarily to your question and welcome to biggerpocket

How do I find private investors?

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