All Forum Posts by: Eugene Neal

 Please send me a message with your buying criteria when you have a free moment.

If you're able to place the required 20% down we should be able to assist. We are a direct lender and would welcome the chance to review your scenario.

I work within the Hard Money universe and have many potential cash buyers. If you are able to JV deals, please message me.

I work within the Hard Money universe and have many potential cash buyers. If you are able to JV deals, please message me.

I have many cash buyers as I work within the Hard Money Universe. Are you able to JV your deals? If so, please message me.

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.