All Forum Posts by: Luis De la Puente

Hey everyone! I am looking for a private money lender that can fund on a 6 unit property in the Bay county area for around $400K with great monthly cash flow. I have already been preapproved through various DSCR/Commercial lenders however they are all requiring 25%-30% for the down payment. I have the capital available for that size of a down payment but I really don't want to tie up that much cash into one property. I am wondering if there are any lenders on here that are able to fund the entirety of the loan with at least a 10%-20% down payment and/or a private money lender that can help fund the 25%-30% down payment with one of the lenders I have already been preapproved with. I also have another investment property located in Enterprise, Alabama that has about $150K of equity currently in it. However, after running some numbers on a cash out refinance, the current rates would nearly obliterate the $800/m I'm gaining in cash flow on that property as it currently has a 2.25% interest rate. Does anyone have any creative financing advice that we could get this deal done without needing as much upfront cash? Seller is absolutely not willing to do seller financing of any kind as she is sick and needs the cash now. Thank you to everyone who responds!

Looking for private funding to invest in fix and flips.  Got the experience, Maximize research to find the most potential profit there is.  I realize you are banking me so willing to negotiate the best deal for you.  I do have a property in mind with owner willing to wait on me and funding.  Let me know if you want numbers.  I have purchase price, rehab price, market values in area.  Give me a chance and we can get this going.   Rehab approximately less than a month from start to finish.  Get right back on market.  

New Investor looking to do first flip. Actively looking to get my first house under contract. Sending offers for on market deals and looking to have a private money or hard money lender to team with. So when my deal does get accepted and they ask for proof of funds I have something to give so I don't lose the deal. If you lend to the upstate NY region please contact.

I have a property under contract. The purchase price is $105K. Rehab estimate is $67K. Req'd down pmt + est debt service coverage total = $58k. We need $35k of this to close and cover debt service. This is a BRRR. Does anyone know of a private/hard money lender who will finance just a portion of the cash to close? Thank you.

where would you find private money for investments like flips 

I observe the term “investor friendly” lender used regularly in these forums either by posters seeking financing or in the manner in which lenders market themselves. In many cases the forum inquiries or forum promotions are for construction or as many would call “fix & flip” loans. The qualifying attributes are consistently: quick close, no tax return, limited documentation…. Essentially all of the focus is on the approval process. Meanwhile hardly any emphasis is placed on the loan administration and even more importantly the relationship component of lending.

Far too many investors, particularly those just starting out, are being conditioned to seek out the “easy” lending choice rather than invest time and energy required to cultivate meaningful relationships with lenders who truly value the borrower/lender relationship and are interested in assisting you grow. From years of borrowing I can also say these are the lenders who will take the time to understand obstacles that may arise on any given project and formulate solutions that keep your projects moving. At the same time, many of these “investor friendly” lenders operate like robots without the ability to adapt to the situations that arise in construction lending which makes the construction administration process far more difficult than necessary.

I am currently involved with a simple single-family rehab adjacent to a larger ground up project. I went with the “easy” investor friendly lender for the single-family rehab while using a bank that had rigorous underwriting policies for the ground up project next door. The bank relationship is one I cultivated over many years and now lean on heavily for my more complexed projects. I am currently dealing with headache after headache with the single-family lender who cannot even articulate the reasons why they are enacting their flawed policies meanwhile it’s smooth sailing with the lender for the larger parcel directly next door where the loan is 20x the size.

I hope this illustrates where your priorities should be when forming your lender relationships and easy underwriting does not necessarily mean the lender is “investor friendly”.