All Forum Posts by: Mike Malloy

First position is just that...first. That said, someone may be willing to lend in second position if there is enough equity to justify and secure their loan. 

Stephanie, I tend to agree. While many great relationships *can* be made locally, just as many can be formed from afar; given proper due diligence. 

Where are you located?

As Taylor mentioned, many conventional lenders don’t want the risk on their books. That said, conventional loans will be the lowest cost if you can meet their profile and have the time to spare. 

For a true and dedicated fix and flip, the cost of the loan almost shouldn’t matter. It really only comes into play if the process takes too long or if there isn’t much value-add. These both also happen to add risk to the deal.

It is a fine balancing act when deciding which funding route is best. Research and honest inventory of your situation will help guide you to the most beneficial option. 

You can always search for their name and business on the recorder’s site for any county where you think they are operating. You should see some mortgages pop up unless they are lending from differently named accounts (very possible in the case of SDIRAs or a structured company). You can also check the court records to see if they have had issues with anyone.  These should both be almost standard practice before working with anyone new. 

PM sent...located right in North Canton. 

We have done a few smaller loans in Ohio and Jay nailed it...the small ones take just as much time (often more) as the larger loans. They can be done, but it has to make sense for both parties. 

We have seen some of our borrowers refi with small banks at 3X what the property is worth. Not sure how or why, but it can’t be good in the long run. 

I would be interested in seeing what’s going on with the property here in North Canton as I am local. I may be able to help or find someone who can. 

I am local to Canton/Akron and have lent on several fix/flip and BRRRR properties in the area. There is a decent market; especially for rentals in the nicer areas.