All Forum Posts by: Eugene Neal

We are located in NY but have closed many loans within that area. We also are a direct lender and would welcome the chance to review your potential lending scenario. 

I am within the Hard Money universe and also have access to many wholesalers. Please send me your buying criteria and I can start sending deals your way.

 I am connected to many wholesalers and also work within the Hard Money Universe. Can you send across the buying criteria for your investors?

 We have closed many transactions of this nature. Plus we are a direct lender so speed isn't an issue. Based upon you claiming to be able to place 50% down, you will receive the best rates available at the moment. To give you an idea of the items need to quickly move through underwriting, I've listed them below. If you have further questions please don't hesitate to reach out.

1. Business financial statements: Lenders will typically require financial statements for the business, including income statements, balance sheets, and cash flow statements. These statements should be prepared by a certified public accountant (CPA) and should cover at least the last two to three years.
2. Personal financial statements: Lenders will also require personal financial statements for the business owners or guarantors, including information on assets, liabilities, and income. These statements should also be prepared by a CPA.
3. Business plan: A detailed business plan outlining the purpose of the loan and how the funds will be used will be required. This plan should include a marketing plan, a detailed budget, and projected financial statements.
4. Collateral: Lenders will require collateral for the loan, which could include real estate, equipment, inventory, or other assets.
5. Creditworthiness: The creditworthiness of the business and its owners will be evaluated, including credit scores, payment history, and other financial metrics.
6. Legal documents: Legal documents, such as business licenses, tax returns, and articles of incorporation, may also be required.
7. Industry-specific requirements: Some lenders may have additional requirements specific to the industry in which the business operates, such as minimum revenue or cash flow requirements.

 WE can gladly give you an idea of what rate you can receive as we are a direct lender. I also have family from Cleveland. I spent many hours in Euclid heights and at Cedar Point. Below is an idea of some of the determining factors when creating your term sheet.

Hard money loan rates are determined by a variety of factors, including:

1. Loan-to-value (LTV) ratio: The LTV ratio is the ratio of the loan amount to the appraised value of the property. The higher the LTV, the greater the risk to the lender, and the higher the interest rate will be.
2. Property type and location: The interest rate may be influenced by the type of property and its location. For example, a commercial property in a desirable location may receive a lower interest rate than a residential property in a less desirable location.
3. Borrower experience and creditworthiness: Hard money lenders will consider the borrower's credit score, income, and experience in the real estate industry. A borrower with a good credit history and a strong track record in real estate development may be able to secure a lower interest rate.
4. Loan term: Hard money loans are typically short-term loans, ranging from a few months to a few years. The shorter the loan term, the higher the interest rate may be.
5. Market conditions: Interest rates for hard money loans can be influenced by market conditions, such as the supply and demand for capital and the overall economic climate.

The decision of whether to purchase investment properties under your name or an LLC depends on several factors, including your personal financial situation, investment goals, and risk tolerance. Here are some things to consider:

Advantages of Purchasing Investment Properties under Your Name:

• Simpler and less expensive to set up and maintain than an LLC
• May be easier to obtain financing since lenders may prefer lending to individuals rather than an LLC
• More control over the property and its management

Disadvantages of Purchasing Investment Properties under Your Name:

• Personal assets are at risk in the event of a lawsuit or other legal action against the property
• May not provide the same level of liability protection as an LLC
• No separation between personal and business assets, which can make accounting and taxes more complicated

Advantages of Purchasing Investment Properties under an LLC:

• Offers liability protection for personal assets in the event of a lawsuit or other legal action against the property
• Provides a separation between personal and business assets, which can make accounting and taxes more straightforward
• Can make it easier to manage multiple properties and limit liability across them

Disadvantages of Purchasing Investment Properties under an LLC:

• More complex and expensive to set up and maintain than purchasing under your name
• May require a higher down payment or interest rate from lenders
• Less control over the property, as decisions must be made in accordance with the LLC's operating agreement.

You personal have to weigh the pros and cons. If you do decide to go the LLC route, reach out and we can help you secure financing.

9425 Luna Dr- Land only, impact fees, Water Well needs fixing, Electric connection available.

9018 Atlas Dr- Doublewide 3bed 2bath 1100 sq ft, Everything would need to be connected Water Well, Electricity, Impact Fees.

9450 Helena Dr- 3/2 Singlewide 1216 sq ft, Fully move in ready.

Price for all $675k. 

Please message me if interested direct buyers only, no wholesalers.

I am looking to broker a loan with a commercial lender. Please see the brief details below;

I have a new potential client with a commercial deal. He wants to purchase a retail center for $2.1 M, rehab is $200k, ARV is $5M. He has tons of experience with flips and rentals, his credit score is around 740. He is willing to put down 25%. He has it under contract and wants to close by April 14th.

We are located in NY as well as Florida and would welcome the chance to assist. If need be you can also visit us in the office to discuss some ideas face to face.

What do you consider a low credit score and what is your previous fix and flip history?