All Forum Posts by: Michael Kinsella

Two starting points, one of which @Jeff S. touched on...

1. BiggerPockets --> Network --> Hard Money Lenders -- Filter by state (Ohio)

2. Attend local REIA events or real estate club meetups. There will often be local HML reps there, and worst case other investors who have had experiences with local HMLs.

As @Jeff S. also mentioned, many of the larger HMLs now have more stringent underwriting criteria, one of which is often a minimum credit score.

Congrats!

Did you use your own cash or financing for this project?

@TJ Nowitzki 

A quick way to add some more options,

BiggerPockets --> Network --> Hard Money Lenders --> Filter by state

At that LTV, you're likely to find a number of interested lenders.

If you're looking for a fast closing time, then I would make sure to ask about the appraisal process, as that's generally the most time-consuming part of the financing process.

Lenders vary in their appraisal requirements, with some not requiring an appraisal at all (rare, but possible for local lenders who can do a desktop underwrite of a property), some who only require BPOs, and many who require full appraisals. 

The ones who can do a desktop underwrite are typically going to be fastest.

On your side, the more organized you are and better, i.e. faster, more complete, you are at document production, the quicker the process is likely to move.

Hope this helps,

Michael

Congrats on adding to your portfolio!

Which lender did you use? Many HMLs have loan minimums at 50-100k to my knowledge.

A probable way to increase options quickly is...

BiggerPockets --> Network --> Hard Money Lenders --> Filter by state

Additionally, you can speak with local investors and see whom they've have good experiences with.

@Blake Anthony Carter Congrats on a successful flip!

Best of luck @Faith Importico!

Which lender did you go with?

@Brikkelle Thompson

You'll likely need to speak with a greater number of lenders.

As @Ned Carey mentioned, two good starting points are;

1. On BiggerPockets --> Network --> Hard Money Lenders --> Filter by state

2. Local REIA events

HMLs will vary in their financing guidelines. Some care far more about credit score than others.

No. DSCR loans are intended for stabilized or rent-ready properties.

If you have land you're trying to build on and are pursuing financing, then you would be looking for a construction loan.

A DSCR loan would represent a possible exit (in the form of refinancing) from a construction loan.

@Kevin Galdamez - try local REIA events. It shouldn't take more than a couple to see who the most reputable HMLs in the Cincinnati area are. You'll be able to speak with local investors who have likely had experiences with 1 or more of them.