All Forum Posts by: Copelon Kirklin

Hi @Corey Liepelt,

Any interest in Toledo, OH properties?

I don't want you to get the misconception that a few posts regarding hard money and revolving lines of credit are what I'm limited to. As a private money broker, I function exactly like a mortgage broker, with the exception of primary residential mortgages. I have access to several lenders and their respective products. I asked whether you preferred traditional or other options because I can arrange financing for most investment loan scenarios. For multi-family properties with loan requests above $400K, I have a bank product for that. Cash flow and value are more important than FICO with this product. If you're interested in discussing, shoot me a PM.

@Al Williamson

Are you seeking traditional financing or are you open to other financing options as well?

Just to clarify to everyone on this post, the usury laws referenced apply only to LOANS and not CREDIT LINES. A revolving line of credit is akin to a credit card, which is not subject to an usury laws. Which is why your credit cards normally carry such high interest rates. See the link below...

 Usury Laws and Limits on Credit Card Interest Rates - FindLaw

 Will shoot you a PM, Jerry...

@Account Closed

Would hard money be an option? Also, do you own any other real estate with equity?

It definitely can be expensive but that is dependent upon your strategy. You have a lot of investors who need gap funds to take care of a rehab. For example, if you're a flipper who's looking to be in and out  on a deal, then it's not a bad product. If you can replenish what you use rather quickly (again, dependent on your strategy), not a bad product. However, if you plan on maxing out the line and it takes you a year or more to replenish it, it's definitely expensive. This is not a loan @Adam Morgan, therefore it doesn't function or cost as such. But it is a revolving line and you can keep/use it as long as you like. 

It is not for everyone @Jerry W. and @Patrick L. 

@Leo B.

50% LTV is the max so yes, that would allow for a $150K line of credit. Shoot me a PM to discuss further.

No points or extra fees @Ramon Jenkins.

The lender uses the NADA user guide to determine a vehicle's value.

@Jerry W.

 4% monthly interest rate on your usage.