All Forum Posts by: Michael Kinsella
Michael Kinsella has started 0 posts and replied 573 times.
Post: Looking to get into hard money lending under $50k. Any advice?
- Lender
- Posts 617
- Votes 275
Are you looking to lend money or looking for a sub-50k hard money loan yourself?
Post: First rehab investment property of Jerry Ellis Construction LLC
- Lender
- Posts 617
- Votes 275
Do you have an estimate for the total renovation costs?
Post: Seeking financing for this deal!
- Lender
- Posts 617
- Votes 275
Hi Sergio,
You can speak with some local banks if you're looking for a lower cost of capital.
If you're looking for probable faster execution with less stringent underwriting, then you can curate a list of HMLs through;
1) BP --> Build Your Team --> Hard Money Lenders --> Filter by state (NJ)
2) Local NJ meetups where you can network with other investors and see which banks, HMLs, or private lenders they have used to successfully finance similar deals.
Post: Katy Texas Flip
- Lender
- Posts 617
- Votes 275
Congrats on a successful fix & flip Matthew!
Post: Residential Fix and Flip - Northern Colorado
- Lender
- Posts 617
- Votes 275
Awesome. Best of luck on finishing the renovation and getting this one sold!
Who was the hard money lender? <7 days to close is fast.
Post: First Investment Property
- Lender
- Posts 617
- Votes 275
Nice!
Keep us updated on the sale price.
Post: 609 Emerald Drive NE, Rio Rancho, NM 87124
- Lender
- Posts 617
- Votes 275
Congrats Gavin!
Looks like it was a great deal and can't beat the 2 day sale time.
Post: Fix and Flip
- Lender
- Posts 617
- Votes 275
Nice!
How did you finance the flip?
Post: First Fix and Flip
- Lender
- Posts 617
- Votes 275
Congrats on your first fix & flip Leonardo!
It's usually some unusual circumstance.
For example, you may find an individual private lender who is willing to lend 70%-80% of the purchase price, and then the seller finances the remaining portion.
Generally speaking, HMLs will want you to have skin in the game, and from what I've seen, many like to be the "1st and only" lien on the property, meaning that something like seller financing wouldn't be allowed.
If you have an individual private lender in the 1st position, they may not have that stipulation.
There are some HMLs that advertise "100% LTC products" subject to LTARV limitations, but generally even in these cases, you will probably be responsible for floating the initial construction draw throughout the renovation period.