All Forum Posts by: Eugene Neal
Eugene Neal has started 17 posts and replied 120 times.
Post: LOOKING FOR CASH BUYER FROM ONTARIO CANADA
- Lender
- Posts 136
- Votes 20
Quote from @Louis Henry:
We are actively looking for cash buyers that are interested in buying properties at a discount in the GTA and surrounding areas.
We’ll analyze the properties and send you a detailed report.
Please contact me, Louis via email at [email protected] to be added to our buyers list, thanks!
I'm looking for a unique lender within Ontario, maybe you can send me a contact or two.
Quote from @Paul Korns:
Hi everybody. This is my first post on here so I'd appreciate any help. My wife and I own one rental that we use as an Airbnb and are looking at getting another. We invest in the Pittsburgh area. We are looking to find a mortgage broker to help us fund our next purchase. If anyone has any recommendations I'd really appreciate it. Thanks in advance.
Are you looking to build a portfolio under an LLC? Will the property require any rehab work?
Post: Thoughts and experiences using a hard money loan for flips?
- Lender
- Posts 136
- Votes 20
Quote from @Sammy Hachani:
Looking into getting into my first flip using hard money, any tips are greatly appreciated!
There are a couple of good suggestions listed above. I would also say it's important to see current funded deals as well as be able to reach someone consistently on the phone. Our clients are normally not one time transactions. So understanding our clients goals and success points are equal as important to ours. Our goal is always to deploy properly risked capital constantly.
Post: Are all hard money lenders this bad?
- Lender
- Posts 136
- Votes 20
Quote from @Ishmael Lopez:
Kiavi changed my appraisal 3 times and the last time was 5 weeks into it, I of course walked away. Lima one wasn’t transparent with their processes, and I just heard finance of America is getting pretty bad. Are these guys all just legal scammers? Or are there some good guys in this industry. If there are please feel free and share companies that you’ve had clear transparency and great communication. Thanks!! 🙏🏼
As a direct lender we are pretty transparent. Especially since this is a process driven industry. As far as cost your looking at rates of about 11%.5 to 12.5% with 20 percent down. However each situation is different therefore it is best to have an intelligent conversation based upon entry and exit strategy. Also experience plays a key component as well. I would say look for recent social proof. Try this old school thing called making a phone call and see how the energy is when they answer. You are not the client but a partner. A call is a great thing for the right teammate.
Post: Are all hard money lenders this bad?
- Lender
- Posts 136
- Votes 20
Quote from @Ray Hage:
There's a reason why the call it hard money I suppose and I tried to deal with a couple of these companies mentioned myself as an investor. I have had my clients ask me to recommend one and I haven't been able to find one that I like working with. Following to see what comes up.
I would welcome the chance to discuss some of your frustrations. We are a direct lender and have the ability to be as transparent as possible.
Post: loan for a fix and flip
- Lender
- Posts 136
- Votes 20
Quote from @Imebette Barkley:
What is the best loan to use in a fix and flip
In regards to the Hard Money/Private Lending universe, you are looking at an interest only loan at about 10 to 12%. Down payment and rate are based upon your current real estate portfolio. If rehabilitation is needed, then reserves may be required as well.
Post: New Build Duplex Funding
- Lender
- Posts 136
- Votes 20
Quote from @David Edwards:
Quote from @Eugene Neal:
Quote from @David Edwards:
Hi @Eugene Neal,
In the past two years I have 3 buy, rehab, and hold projects. Formatting the homes as room rentals.
I also have completed 2 flips, one land with plans developed and one home rehab.
3 years ago I completed another flip.
-Dave
From speaking with the funding team if you have a credit score over 640 then we should be able to fund this deal. The down payment amount required would be 20%.
Can you use the land equity of $76k in that down payment requirement as well as other project costs already paid such as plans and permit costs or is it 20% down for current build costs?
Each deal is unique and I'll gladly run any scenario by the funding team. However most of the time the 20% is required.
Post: Anyone familier with Seabury Investments?
- Lender
- Posts 136
- Votes 20
Quote from @Robin Simon:
Anyone that is currently quoting a 6% rate without a full application is oblivious.
Post: Financing with no money in reserve
- Lender
- Posts 136
- Votes 20
Quote from @Anthony Butcher:
Hi,
I am trying to get my first investment property, and a couple of banks I spoke to are asking to see 6-12 months of reserves in my bank account to cover the mortgage.
I am working on saving money towards a deposit, but now it looks like I also need to save more to have in reserve.
How do you secure a loan without having to save 6-12 mths.
We typically require a certain amount of reserve funds from borrowers in order to reduce the risk of default on the loan. Six months of reserve funds is a common requirement for first-time hard money borrowers because it provides a cushion of cash to cover unexpected expenses or temporary disruptions in cash flow that could prevent the borrower from making timely payments on the loan.
The reserve funds can be in the form of cash or liquid assets that can be easily accessed, such as savings accounts, money market funds, or stocks and bonds. The specific amount of reserve funds required may vary depending on the lender and the borrower's financial situation, but six months of reserves is a typical benchmark.
Post: Anyone familier with Seabury Investments?
- Lender
- Posts 136
- Votes 20