All Forum Posts by: Fred Rezvani

Steve:
First, thank you for the welcome. Second, don't get confused. It's very simple. I could read between the lines and all the smokes and mirrors the HML is trying to pitch. All it comes down to is that the HML is betting on you defaulting on the loan. Which is a very good possibility at 14% interest on top of points and closing costs. If you are late on the monthly interest-only payments you will lose the house. If that doesn't happen, in order to satisfy the second part of the agreement, you have to pay the principle back within a year. Hmm, isn't that why we're here in the first place? Because we can't sell all these properties?
I know for a fact that there are lenders out there with fair and reasonable terms. I am sure of this because I borrowed cash from them at 10% interest on my current finished project. Unfortunately they too borrow money from other lenders that make it difficult for them to make the numbers work.
I'm sure you have more knowledge on the matter. Please tell me what I'm missing. 14% may not be bad if it didn't come with 4 points and 12 month maturity. If only the term was extended to 30 months. That would be more fair and feasible. I could then make the numbers would with less risk.

I can't obtain finacing in the conventional sense, even though I have excellent credit. I've been pursuing hard money lenders, however, their terms are very unrealistic and aggressive. I'm just not ready to pay 14% interest only with a balloon payment in 12 months. Do you have any suggestions? If not, do you know anyone that can help?

Thank you. I'm still getting acquainted with navigating myself through the site. Just like anything else, it's an investment.
How are things in your area? I'm chasing my tail trying to get financing. Do you have any advice?

Hi everybody. My name is Fred and I'm new to the site. After a month of searching I was able to find a forum for people like myself. I'm a real estate investor in Hollywood, FL. I utilize my real estate license in finding distressed properties to purchase and renovate. I have a master's in construction management and a bachelor's in business management.
I have a great deal of experience in high-rise and commercial construction, as well as single-family renovation. I'm here to network with people more knowledgeable than me to learn more about the ins and outs of the industry. I also have a good relationship with my local building department and know the permitting process pretty well.
My main reason for being here-other than learning new things-is to find a reputable and reliable hard money lender. I'm having a great deal of stress trying to find financing, even though I have excellent credit.
So if there is anyone out there that needs my help, or can point me to the right direction with my endeavors, please drop me a note.
I look forward to working and networking with you, and thank you for having me.
Happy investing,

Fred R.