All Forum Posts by: Derek Peruo

Agreed. Rod's messages don't feel like the emails I get from other professional brokers in my network. 

Rod replied to my email. It sounds like he's acting as a broker between borrowers like us and a pool of third-party investors. He did not say anything about maximum LTV, liens, or insurance.

I asked 9 follow-up questions:

1. What is the maximum loan-to-value and/or loan-to-cost amount your investors are willing to lend?
2. Do your lenders need first-position lien on the subject property?
3. Do your lenders need a lender’s insurance policy on the subject property?
4. Are your lenders Accredited Investors as defined by the SEC?
5. As the broker, do you pool funds from multiple investors to fund our loan?
6. Who pays your broker fee?
7. As the broker, do you act as is our point-of-contact after the loan is funded?
8. As the broker, do we make payments out to you?
9. As the broker, which licenses do you hold and in which states?

Waiting on Rod's reply.

Rod replied to my email. Here's what he says:

1. Rod is a "licensed private lender registered with LoanMax Limited Liability Company." He lends to investors.

2. He makes "all kinds of loan at a 5% interest rate with a maximum duration of 30 years."

From one of Rod's emails:

REQUIREMENTS:
(1) Borrower must have a working bank account in his/her name or company name which will be used for the transfer of the loan.
(2) Borrower will start the repayment of his/her loan 3 months after the loan has been transferred.
(3) Borrower will be given 3 months of grace to payback the principle loan amount with interest at the end of the agreed loanduration before legal actions will be taken.
(4) Failure to pay back the loan at the expected date / period, legal actions will be taken against the borrower by my attorney.
(5) Address: You must inform me about change of circumstances and must tell me promptly if you change your residential address or zip, or if you think there is any information That I Should be aware of.
(6) There is no prepayment penalty.
(7) Interest: Interest rate ranges from a minimum of 5% irrespective of the loan amount.
(8) Loan Process: It takes the interval of 3 to 5 working days from application to funding.
(9) Loan Amount: Loan amount ranges from a minimum of $10,000 - $50,000,000.00
(10) Loan duration: Loan duration ranges from 1 month to 30 years.

REPRESENTATIONS:
1. Borrower must be at Least 18 years of age
2. The Loan will be granted regardless of your credit score
3. There is no pre-payment penalty
4. Borrower do not need a Co-Signer for this loan
5. Borrower must be a Citizen or have a residential permit of where you are applying from
6. Borrower must have a valid Government approved identification card
7. Borrower is responsible for all loan charges i.e fees are charged to cover costs involved in processing the application including credit checks, Property appraisal, loan security deposit and basic administrative costs. Most application fees are refundable, even if the lender decides not to offer credit to the individual applying for a loan. This fee payment comes before funding.

I emailed him one last time and asked about his maximum LTV, first position lien on the subject property, lender's insurance policies, and whether or not he's acting as a broker or using his own money.

I'm still waiting for Rod's reply.

@Alex Hamilton - A colleague gave me Rod's contact info last week. I emailed Rod to find out more about his loan programs. I'll update this forum thread when I know more.

Hi everyone!

I know real estate brokers and salespeople need a professional license to conduct business in Wisconsin, but does anyone know if a real estate investment company needs a business license to conduct business? I found a reference to Real Estate Business Entities but I can't tell if investors fall under that category.

Anyone have any insights?

Hi @Robert Kochanski If you're still in the business of wholesaling, I would love to connect with you! We're a new investment company based out of Milwaukee and we're looking for a few good wholesalers to help use find potential rehabs in the area! I would love to connect with you to talk more about the details!

Welcome @Noah Kurz ! My fiancee and I are investors and we're branching out to the Milwaukee area in June.

Welcome @Valerie Amonick ! My fiancee and I are investors based out of Queens, NY and we're happy to share our insights! 

Thanks @Christian Costa ! Let's definitely connect. What's the best phone number for you?

Hi Bigger Pockets!

My fiancee and I are new real estate investors in New York City. Our focus is wholesaling and rehabbing distressed properties in Brooklyn and Queens. Pre-forclosures and probates are ideal.

We're excited to begin our adventure into real estate. We discovered Bigger Pockets at a real estate workshop we attended earlier this year, and we're excited to expand our network and increase our real estate education through the Bigger Pockets community!