All Forum Posts by: Account Closed

Bryan, I am working with a crowdfunding platform that is aggressive and very reasonable.  Im not sure this deal is a fit, but if you connect with me, Ill put you in touch with someone who can help you assess your options.  Best

I am working with an awesome crowdfunding platform that could most likely provide you with more than one option to achieve your investment goals.  Connect with me and I can put you in touch with the right person to help you vet their capabilities.  

I've am in a similar situation and searching for different financing options. I spoke to a few private lenders, traditional hard money lenders as well as conventional financing. Im finding it difficult to structure a hard money deal to acquire and improve then refi with conventional financing - LLC vs personal titling, DTI ratio requirements, seasoning, etc...

However, I am about to pull the trigger on a crowdfunding opportunity.  This particular platform is very investor friendly and offers a lot of flexibility.  I am considering a hard money short-term option to close and improve the property then a mid-term solution to hold with slightly reduced interest rate for either 24 or 36 months.  While the mid-term financing will be more expensive it enables me to take some cash out and hold the property until I can better qualify for conventional financing.  All asset-based which is very important to me right now.

Feel free to connect with me if its of interest and Ill provide more information.  

Right now my home is categorized as pre-foreclosure in Zillow with an estimated foreclosure amount that is over $1m.  In reality, I have a business loan against my home that is in default as a result of pending litigation related to a business venture.  I dont have a first mortgage...  The bank filed a complaint against me for about $180k as the litigation plays out - which is their right.  I wouldnt have know that the info displayed in Zillow is off the wall if it didnt happen to myself.  

It depends on the bank but if you continue to personally guarantee the loan, the bank shouldnt have a problem with it. I read where others made the transfer with a quit claim deed from personal to LLC or vice versa. Check with an accountant and attorney about any negative impacts.

I got very close to developing a storage facility but ultimately pulled out due to site engineering constraints.  I have extensive commercial development experience but did hired a consultant given the specific nature of self storage.  It from a few year back but, if you connect with me, Ill provide all of the analysis that I used to assess and pro forma the project.  

Reach out to the following:

First Choice Bank (was recently acquired - google new name)

Fulton Bank

First Bank

You dont want to do business with anyone who has to read from a script.  My experience with local banks has been excellent.  I encourage you to build relationships with the bank's management team.  Even their C-level suite is very accessible via Chamber of Commerce events.  Most of the time we schedule pre-meetings with the CEO or some senior person at the bank to build rapport and discuss the proposed project at a high-level.  This is the time to disclose any issues you might encounter applying for a loan such as low credit score or whatever.  Local banks do have flexibility and will try to develop a strategy or solutions if they are interested in working with you.  You should walk out knowing where you stand since no one wants to waste their time.  If there is interest, your next meeting will likely be scheduled with a loan officer BUT at the request of their senior manager.  That goes a long way.  Best of luck.  

I would seek out a local bank.  They have a lot more flexibility built in to their cultures.  

I met with HouseCanary a few times to discuss integrating their solutions into our brokerage website. I am a big fan of their team and had an opportunity to demo their general ValueReport and Dynamic Value Report.  They are excellent.  My only complaint is lack of coverage in certain markets.  However, from what I learned, building coast-to-coast coverage is very difficult but they continue to grow. I am a big fan.