All Forum Posts by: Eugene Neal
Eugene Neal has started 17 posts and replied 120 times.
Post: Anyone familier with Seabury Investments?
- Lender
- Posts 136
- Votes 20
From researching their layouts and potential rates, I would stay away. They are not a direct lender and their last site update was in 2017. That is a reflag as 6 years and no redesign isn't acceptable. What type of loan were you requesting financing about?
Post: New Build Duplex Funding
- Lender
- Posts 136
- Votes 20
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%.
Quote from @Cheryl J McGrath:
I'm looking for an INDIVIDUAL PRIVATE LENDER that I can work with and build a relationship. I have several deals that are profitable and I'm needing someone I can trust to fund these deals. It's a win-win relationship.
Are the deals where you are the investor as well? Or are these deals you are looking to wholesale?
Quote from @Apsu Hamilton:
Good evening does anyone know any good national 100% Hard Money/Private Money lenders?
It is very rare to find a real 100% lender. Most direct lenders will require at least 20% down.
Post: Looking for Wholesalers in Kansas City, MO (KCMO) & Jackson County
- Lender
- Posts 136
- Votes 20
Quote from @Ray Dipasupil:
Hey Y'all,
Could any of you kind folks refer me to top notch & legitimate wholesalers for KCMO, Jackson County, & surrounding areas? Looking to get some good wholesale deals done in KCMO.
Much appreciated,
Ray
If you message me with your buying criteria, I can reach out to my network.
Post: Need Help on finding better financing opportunities
- Lender
- Posts 136
- Votes 20
Quote from @Adriel Paradise:
Hello, me and my wife(mostly my wife) have done a 7 flips and have been able to make money on the flips we have done. Nothing mind blowing but we've been able to make 30k per flip which is better than being in the red but we are frustrated with options available in finding good financing without very much cash on hand. The financing we are finding puts us in a place financially where the cost of the financing puts our profit at risk. We understand that there is a cost and that you have to budget that cost in but we would like to find better funding options for ourselves that are less expensive. Any help or guidance would be helpful. Just wanting to find ways to fund our projects more effectively. Thanks
Based upon completing 7 flips you should at least only need to place 10% down. Also depending upon your exit strategy you should be able to reduce the points charged if converting into a buy and hold loan. I'll gladly examine the scenario further to see if there are any sufficient options available.
Post: New Build Duplex Funding
- Lender
- Posts 136
- Votes 20
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
Where is the property located and what is the exit strategy?
Post: How to Determine if Private Lender is Legitimate
- Lender
- Posts 136
- Votes 20
Quote from @Bernard Burney:
Hello Everyone,
I am a newbie investor looking to secure his first investment property. I am looking for a private lender, and I inquired on FB and have received a ton of responses. My questions is how do I determine which investor is legitimate, what type of questions should I be asking these investors?
Thanks
Bernard
You should be able to receive a term sheet prior to ordering the appraisal. Also if need be they should gladly pick up the telephone and not have an @gmail address.
Post: Looking for a Secured Collateral Lender
- Lender
- Posts 136
- Votes 20
The client is seeking $200k-300k loan on a secured collateral loan for a piece of equipment.
Here are the details for the product.
The equipment is a stainless steel, conveyor labeler that is PLC controlled, with Simmens electronics. The client said it is valued at around $450k (never used--just uncrated).
Post: Cash Out Non DSCR Loan
- Lender
- Posts 136
- Votes 20
Quote from @Nathan Frost:
Quote from @Eugene Neal:
Quote from @Nathan Frost:
Hi, my banker said - We are needing a minimum extra $20k in cash flow in order for this to debt service at 1.25x, which is the industry standard lowest it can be to approve loans, your's now is .98x. Is it possible to do the loan under my LLC? I have two rentals under my LLC but can't do the cash out under my name cause of the debt service. Any solutions?
It may be possible depending upon the overall scenario as a direct lender each loan is unique. What amount are you looking to receive and what will be the LTV?
$65k LTV would be 70%. How is worth $95k-100k
Our issue on the lending end is going to be the loan amount. We would need a loan of about $150k.