All Forum Posts by: Amir Levi

A little population reduction in CA may be beneficial.
I am sorry to see you leave the state.
But the fact remains that some areas, the likes of Los Angeles' infrastructure is being pushed to its limits.

Amir

Everyone pushes a falling fence.
State of CA is no exception :-)

Amir

To open a shop is easy, to keep it open is an art.

Amir

A professional lender would look at the prop value, and lend based on that. if you buy a $10 prop for $5 I would lend you 100% of purchase price. If you buy a $10 prop for $20 I would not lend you 50% of your purchase.

Amir

If int rate is over 10%, the loan must be negotiated and arranged by a licensed broker to protect the lender from usury laws.

The broker can not just be a figure head (I gather he is, from your post), he must negotiate the transaction.

You might want to stay at or below 10% .

Amir Levi

Right on the money, Joffrey.
I always like to read and learn when you write.

Amir

Many HMLs including myself, will lower their rates, if they know they are dealing with professional and reliable rehabber/borrower.
I have charged 12% and 3 points in the past, and I have written 8% and no points as well, especially with repeat borrowers who have performed in prev loans.

Bottom line is the risk / reward relationship.

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I am a hard money lender for 40 years, I know for fact that banks are far more conservative than HMLs.
Hardly any bank will lend a 2nd TD, with high LTV.
Especially not behind a high int loan of a HML.

Amir
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Bill is correct.
As a hard money lender, I would not lend more than 65% of appraised value (let alone 75%). I would only lend % of rehab work if I know the borrower and familiar with his past experiences.

What state is the property located at?