All Forum Posts by: Eric Benzenhoefer

Small multi was good for my partner and I to get a 65% of ARV - repairs deal. This was in a hot Houston market too. It also was hard to get financing for the flip or hold due to its small size and low dollar amount. However...challenges = opportunity, overcoming = profit.

Here is my project blog - https://www.biggerpockets.com/forums/223/topics/10...

@Tony Sessa, what type of a property are you referring to?

Customer reviews- https://www.biggerpockets.com/forums/22/topics/226...

A lender here gets some deailts on a package including a break down of the fee structure - https://www.biggerpockets.com/forums/432/topics/29...

A funny joke and 2 more customer reviews - https://www.biggerpockets.com/forums/311/topics/26...

Here are more - https://www.biggerpockets.com/search?utf8=%E2%9C%9...

Would you mind sharing the overview of the project that you want to be funded?

Correct me if I am off base here BP, but I would call the private lending world, a world of trade offs. 

Want it done fast and reliably?  Well, you will need a local company and it may cost a bit more. 

Want it cheap?  You may need a wal-mart type lender who may or may not need a few more weeks to close as they have never really done a loan in you specific neighborhood, but it is cheap. 

Oh and you need experience, good credit, full docs and a down payment to to get those rates.

@Joseph Gileno, would you please expand on what you mean by cost effective? Cash out of pocket, points, rates, LTV%?

In terms of reliability, many on the site will beat the drum the a local lender will be more reliably and make you a lot of money in the long run even with their higher costs.  They know your area well and will be able to sniff out deal breakers sooner than a national guy. But if cost is more important, plan a bit more time into your project and work with a larger national lender.

Hi @Eric Urioste

I get about 4-6 listing a month sent to be a broker. Some are in the DFW area.  I can link you all together if you. PM or email if interested.  

Need funding for you commercial or residential investment?

A recent customer of mine is buying a $1,000,000 multi-family property in Texas and needed to know the rates for a buy and hold. While you cannot get precise rates quickly, there are some general categories.

Funding Option #1 - Clean leads to Cheap

• Your property - 3+ months of seasoning, 90%+ occupancy, <1.2 debt service ratio, clean
• You, the Buyer - Full docs, good credit and REI experience
• Rates: <6%, 2-4 points, 65-75% LTV, with up to 35% down
• Extras: Leave extra time for lender due diligence

Funding Option #2 - Quick and dirty (and pricey)

• Your property - Solid Cash flowing property
• You, the Buyer - Low docs, Credit and REI experience take a back seat to the asset
• Rates: 6-9%, 3-5 points, 65-75% LTV, with up to 35% down

Funding Option #3: Bridge Loans

• Your property - Needs rehabbing before it qualifies for Option #1 or #2
• You, the Buyer - Minimums apply, but its a lot about the asset here
• Rates: 10%-14%, 3-5 points, 65-75% LTV, with 0-20% down

Are their better and worse rates out there? You bet. Each loan depends on the buyer and the property. Nothing above is a quote, it is a guide to point you and or your loan broker in the right direction.

I am an independent loan broker and am ready to help you through the process.

Outsource your REI funding today and get back to finding your next deal! To start, PM me or contact me through www.OutsourceMyFunding.com.

@Christian Hutchinson,  how did you end up financing this one?

Howdy BP,

Contact me if you need financing, refinancing, a bridge loan, or a constructions loans for your commercial real estate property.

Let me hunt down your funding so that you can get back to what you do best.

Even if you have a unique niche commercial property, please contact me.

Sent @Kamlesh Thakkar

@Thomas Ferrell, Any update?