All Forum Posts by: Michael Kinsella

@Luis Collazo Congrats on adding to your portfolio!

Sounds like a very solid deal all around.

@Tramaine Robinson

A few lending suggestions...

1. Speak with local investors about who they've had a good experience with, and try to speak with multiple lenders.

2. You can also use BiggerPockets as a supplement. Click on Network --> Hard Money Lenders --> Filter by state

Below is a reasonable list of questions you can ask regarding cost of capital and leverage;

Cost:

1. What is your typical interest rate?
2. How many points do you typically charge?
3. What additional fees do you charge?
4. Do you charge interest on the full loan amount, or just funded amounts?
5. Do you charge a prepayment penalty?

Term/Leverage:

1. What is your typical term length?
2. What is your typical LTC (loan-to-cost)?
3. What is your typical LTV (loan-to-value)?

@Patrick Jackson Congrats on your first deal!

@Michael Mastantuono Probably somewhere between 9-13%.

@Mary Eubanks It's dependent on the lender. Them sending a pre-approval for cash doesn't make sense.

What @Jay Hinrichs said is spot on with respect to the process and content of the PoF.  

Congrats on a successful flip!

That ROI is impressive.

Congrats on a successful fix & flip! Very solid profit.

Two places to start beyond referrals generated by the BP community...

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

2. Local REIA events

Excellent. Congrats on a successful deal!

@George Duchatelier Many HMLs have a rental or 'DSCR' product.

You can use BiggerPockets and follow: Network --> Hard Money Lenders --> Filter by state as a starting point.

It appears some of the posters above may have some good referrals as well.

I'm seeing rental product interest rates for SFRs in the 7's right now.