All Forum Posts by: Anthony Palmiotto

First Equity Funding is a hard money lender based out of New Jersey lending nationwide. We lend on fix & flips, new construction, commercial deals and other investment real estate. We finance new purchases and cash out refinances.

Lending up to 90% of the purchase price
Lending 100% of renovation costs
Rates at low as 9% for flips and 8% for rental properties
Interest only payments with no pre-payment penalty
Loan amounts $80,000 - $5,000,000
Fast closings and simple documentation

Contact: Anthony at 732-825-8095 or [email protected]

0 Votes

First Equity Funding is a hard money lender based out of New Jersey lending nationwide. We lend on fix & flips, rental properties, new construction, commercial deals and other investment real estate. We finance new purchases and cash out refinances.

Lending up to 90% of the purchase price
Lending 100% of renovation costs
Rates at low as 9% for flips and 8% for rental properties
Interest only payments with no pre-payment penalty
Loan amounts $80,000 - $5,000,000
Fast closings and simple documentation

Contact: Anthony at 732-825-8095 or [email protected]

0 Votes

@Naftali Schabes @Troy Sheets the rates for new construction are generally the same as our hard money loan product. With new construction, we are typically a bit more stringent on the borrower having experience. Points are typically 2-3.

1 Vote

@James H. sent you a message. Thanks for reaching out!

0 Votes

Lending up to 90% of the purchase price
Lending 100% of renovation costs
Rates at low as 9% for flips and 8% for rental properties
Interest only payments with no pre-payment penalty
Loan amounts $80,000 - $5,000,000
Fast closings and simple documentation

Contact: Anthony at 732-825-8095 or [email protected]

1 Vote

First Equity Funding is a hard money lender based out of New Jersey lending nationwide. We lend on fix & flips, new construction, and other investment real estate. We finance new purchases and cash out refinances.

Lending up to 90% of the purchase price
Lending 100% of renovation costs
Rates at low as 9% for flips and 8% for rental properties
Interest only payments with no pre-payment penalty
Loan amounts $80,000 - $5,000,000
Fast closings and simple documentation

Contact: Anthony at 732-825-8095 or [email protected]

0 Votes

Originally posted by @Kadisha Ledford:

Hi! I know this may sound like a complete newbie question but I really need help. I want to ‘fix and flip' a property but I'm not sure what borrowing route is the best to take. My credit isn't that great, and my brother is willing to co-sign a loan with me however, all the hard money lenders I speak with don't lend to individuals, only LLC's. Is there any way to get around this? Possibly with another type of loan program? I know of 203k loan but if I'm not mistaken those types of loans require the owner to occupy the property for a period of time which I would not want to do. Lastly, If the lender requires a down payment would it be wise to borrow the money for the down payment in addition to the loan for the property?

Some lenders will lend to individuals on a case by case basis, but why would you not want to use an LLC? Also, most lenders are going to require some sort of down payment so that you have some skin in the game.

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Originally posted by @Mike H.:

I've been using hard money since the first year I started investing in buy and hold about 9 or 10 years ago.

And the first responder was right on the money with his outline.

That being said, here is what i think you can find in terms of numbers.
Points - typically 3 to 5. If you can find someone at 4pts or better, you're doing fine.
LTC: Many hml's will do 90% purchase and 100% rehab. A few will do 100% of both purchase and rehab once you get a few deals under your belt with them. If you can find someone do 90purchase and 100rehab, you're doing fine.
ARV: I typically see 70% ARV for most hard money lenders. 75% is rare but some do it. If you find 70% ARV, you're doing fine.

Rate: 12 to 15% is typical. I'd look for someone around 12 to 14%. If you find that, you're doing good.
Fees - Here's where they get tricky. Some have a bunch of fees tacked on as well and thats where you could be getting gouged and want to get a sense. Most require appraisal and survey and a doc fee. Appraisal should be 500 or less. Survey is typically you hiring your own surveyor so that is easy to control. And doc fee - no more than 500 or so?

Ultimately, thats the key. If you find a hard money lender that has lending terms somewhere in those windows, you should be fine and should move forward. Be extremely leery of any hard money lender that asks for a ton of money up front. Appraisal, survey and a doc fee are about all you should get hit with. If they ask for points up front, tell them to take a hike and move on.

You'll eventually find one that is reasonably priced, good terms, flexible and always closes. When you do, stick with them and you'd be surprised how much easier it is to scale your growth.

I now have 66 houses and used hard money loans on almost every single one.

This is pretty good advice although I'll say the days of regularly seeing 14-15% and 4-5 points are pretty much behind us. More common in today's world is 9-12% and 2-3 points.

2 Votes

All Forum Posts by: Anthony Palmiotto

Anthony Palmiotto has started 26 posts and replied 111 times.

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Post: Hard Money Lender - Up To 90% of Purchase and 100% of Reno

Post: Hard Money Lender - Up To 90% of Purchase and 100% of Reno

Post: Hard Money Lender - Up To 90% of Purchase and 100% of Reno

Post: Hard Money Lender - Up To 90% of Purchase and 100% of Reno

Post: Hard Money Lender - Up To 90% of Purchase and 100% of Reno

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