All Forum Posts by: Eugene Neal
Eugene Neal has started 17 posts and replied 120 times.
Post: Hard Money Loan
- Lender
- Posts 136
- Votes 20
Quote from @Timothy Frazier:
Is it a bad idea to use a hard money loan as a downpayment for a turnkey property? I have one in mind at Rent to Retirement.
It is extremely rare to find a hard money lender for the down payment. We will always require at minimum 10% of a down payment for a purchase. As stated previous neither lender would want to take the second position as well.
Post: How are these lenders?
- Lender
- Posts 136
- Votes 20
I too have never heard of any from that group. If the charge upfront run. If they give you a proof of funds letter without a full application and credit review burn it.
Post: What Are the Biggest Mistakes You’ve Made in Private Money Lending?
- Lender
- Posts 136
- Votes 20
The biggest mistake is not truly understanding the exit strategy. I prefer to become a teammate rather than lender only.
Post: Hard money lenders for newbies!
- Lender
- Posts 136
- Votes 20
Quote from @Caitlin Stables:
I would be the assignee and then rehab and flip it
I may have cash buyers within that area. If you need other potential options, please reach out.
Post: Hard money lenders for newbies!
- Lender
- Posts 136
- Votes 20
Quote from @Caitlin Stables:
Quote from @Mary Ainsworth:
As a hard money lender specializing in fix and flip deals, I can offer some insights on choosing the best lender for newcomers to the fix and flip market:
1. Seek competitive rates and terms: Compare interest rates, loan-to-value (LTV) ratios, and loan terms among different lenders. For example, lenders like me offer Hard Money Direct offers loans up to 90% LTV with 12-month terms.
2. Evaluate the lender's reputation and experience: Choose lenders with a proven track record who have been in business for a while and have reviews/testimonials you can talk to if you like
3. Assess the application and approval process: Lenders with streamlined processes, like same-day approvals offered by California Hard Money Direct, can be advantageous for new flippers.
Remember, the "best" lender will depend on your specific circumstances, including your location, the property you're looking to flip, and your financial situation. It's always a good idea to speak with multiple lenders and compare their offerings before making a decision.
I DM'd you with my info in case you'd like to get a quote from me as well, we're pretty competitive :)
Hey, would love to connect! Looking to fund a deal ASAP! Have assignment contract ready to sign but need to lock up funding first. Thank you!
Are you looking to hold the property or sell the contract to an investor?
Post: Potential $3 Million Development Deal Rural Area
- Lender
- Posts 136
- Votes 20
I'm looking to broker a loan for a client completing a 10 property development. We had to decline due to being deemed too rural.
16,000 lineal feet of existing frontage with utilities, septic and wells. Five wells are installed already. A total of 9 lots are cleared. Two of the pre sold houses have foundation currently being poured and the second one being poured next week.
The client has a score of 739. Please message me if you would like to discuss further.
Post: Looking for $1mil to $1.2mil Bergen county small multi
- Lender
- Posts 136
- Votes 20
Quote from @Mark F.:
Afternoon BP,
I'm ready for my next multi in Bergen County NJ. Buy box is anywhere within Bergen, $1 mil to $1.2 mil but could stretch it a little more. Multifamily only, not interested in commercial etc. That puts it at a 3 to 5 unit building. Currently own 3 other buildings at 7 units in Bergen County and look forward to another. Willing to pay a finders fee and chat with any wholesalers. Thanks!
I may have a couple of options are you still within the market?
Post: Potential $3 Million Development Deal Rural Area
- Lender
- Posts 136
- Votes 20
I'm looking to broker a loan for a client completing a 10 property development. We had to decline due to being deemed too rural.
16,000 lineal feet of existing frontage with utilities, septic and wells. Five wells are installed already. A total of 9 lots are cleared. Two of the pre sold houses have foundation currently being poured and the second one being poured next week.
The client has a score of 739. Please message me if you would like to discuss further.
I'm looking to broker a loan for a client completing a 10 property development. We had to decline due to being deemed too rural.
16,000 lineal feet of existing frontage with utilities, septic and wells. Five wells are installed already. A total of 9 lots are cleared. Two of the pre sold houses have foundation currently being poured and the second one being poured next week.
The client has a score of 739. Please message me if you would like to discuss further.
Post: Hard money lenders for newbies!
- Lender
- Posts 136
- Votes 20
Quote from @Ricky Gonzalez:
Hey BP Fam-
What is the best hard money lender for someone who is new looking to fix/flip?
The answer isn't necessarily which is the best lender. It is based upon the teammate that walks you through the process. From explaining the draw process to determining which exit strategy is best. Don't hesitate to reach out for other tips from the lender perspective.