All Forum Posts by: Roger Mace

Hi @James Jensen. I offer DSCR loans for larger apartment buildings, especially those with more than 20 units. If you're open to it, we can also check creative funding options. If you would like to discuss how we may assist with your project, Let's Connect!

Quote from @Erica Baruti:

I'm looking for private lending or financing to renovate a townhome rental property I own in the Atlanta area. Need approx $15k. The property is owned free and clear. Any recommendations or referrals would be greatly appreciated!

Hi @Erica Baruti! I would be happy to help with your renovation project. Since your property is owned free and clear, we can offer flexible financing options. Let's connect and discuss further!

Quote from @Brian Scott:

Hello all. I'm searching for private money lenders willing to lend for real estate purchases, rehabs and wholetails. Lets have a conversation and see if we are a good fit to work together. Thanks

 Hello @Brian Scott! I'm a private money lender specializing in real estate purchases, rehabs, and wholetails. I'd love to discuss how we can work together and see if we're a good fit for your needs. Don't hesitate to reach out and connect!

Quote from @Ivan Ariel Davila:

Hey guys I'm new in the house flipping business I am currently in a mentorship program that has produced many flips. I would just love to connect with hard money lenders as well GAP funders to just go over terms & interest just to have in file for when I do start my projects, I know who to call!

It's great that you're taking part in a mentorship program, that definitely is a smart move. Making early connections with hard money lenders and gap funders is a good idea. I hope your initiatives are successful. 

As a lender who specializes in flips, you can reach out to me for your funding needs. Or if you just have questions or need guidance don't hesitate to connect and DM me.

While engaging with the Bigger Pockets community, I've noticed many investors seeking funding. Frequently, brokers respond with phrases like, "I can help, let's connect," or similar offers. However, it's essential to determine whether they are reputable brokers. Investors should reach out to multiple brokers to find the one that best fits their needs. Here are key factors to consider when searching for a reliable broker.

A good private money broker plays a pivotal role in facilitating real estate investments, serving as a bridge between investors seeking capital and private lenders willing to finance those investments. The relationship between a broker and real estate investors is built on trust, transparency, and a mutual understanding of goals, which ultimately leads to successful transactions and long-term partnerships.

Firstly, a competent private money broker begins by understanding the unique needs and objectives of the real estate investor. This involves assessing the investor’s financial situation, investment strategy, and the specific projects they wish to undertake. By gaining insight into the investor’s goals—whether it’s flipping properties, acquiring rental units, or developing new constructions—the broker can tailor their approach and identify the most suitable lending options.

Once the broker comprehends the investor's needs, they leverage their extensive network of private lenders. A good broker maintains relationships with various funding sources, including individual investors, investment groups, and financial institutions. This access allows them to match investors with the most appropriate lenders, often resulting in favorable loan terms that align with the investor’s financial capabilities and project timelines.

Moreover, a skilled private money broker excels in navigating the complexities of securing financing. They assist investors in preparing necessary documentation, such as detailed project proposals, financial statements, and credit histories, which are crucial for persuading lenders. The broker’s expertise in structuring these documents can significantly enhance the investor’s chances of obtaining the necessary funds.

Communication is another cornerstone of a successful partnership between private money brokers and real estate investors. A good broker remains transparent throughout the process, providing regular updates on loan applications, lender responses, and any emerging challenges. This open line of communication fosters trust and ensures that investors are well-informed and can make strategic decisions based on the broker’s insights. A good broker should also submit to the investor a copy of the presentation they submit to a lender for an application.

Concerning transparency, a good broker is transparent in what they charge the investor for their services. Most brokers set their own origination costs. The standard rate is 3% of a loan, a good broker will never exceed their origination costs of more than 3%.

Additionally, a competent broker goes beyond merely securing financing. They often provide valuable advice on market trends, property valuations, and potential pitfalls in the investment process. By offering strategic guidance, the broker helps investors make informed choices, ultimately increasing the likelihood of project success.

Finally, a good private money broker understands the importance of post-funding support. They remain available to assist investors throughout the investment lifecycle, whether it involves refinancing options, addressing financial concerns, or facilitating future funding needs. This ongoing relationship can be invaluable for investors looking to scale their operations and build a successful real estate portfolio.

In conclusion, a good private money broker acts as a vital partner for real estate investors, providing tailored financing solutions, expert guidance, and ongoing support. By fostering a collaborative relationship built on trust and transparency, brokers empower investors to navigate the complexities of real estate financing, ultimately contributing to their success in the competitive real estate market.

While engaging with the Bigger Pockets community, I've noticed many investors seeking funding. Frequently, brokers respond with phrases like, "I can help, let's connect," or similar offers. However, it's essential to determine whether they are reputable brokers. Investors should reach out to multiple brokers to find the one that best fits their needs. Here are key factors to consider when searching for a reliable broker.

A good private money broker plays a pivotal role in facilitating real estate investments, serving as a bridge between investors seeking capital and private lenders willing to finance those investments. The relationship between a broker and real estate investors is built on trust, transparency, and a mutual understanding of goals, which ultimately leads to successful transactions and long-term partnerships.

Firstly, a competent private money broker begins by understanding the unique needs and objectives of the real estate investor. This involves assessing the investor’s financial situation, investment strategy, and the specific projects they wish to undertake. By gaining insight into the investor’s goals—whether it’s flipping properties, acquiring rental units, or developing new constructions—the broker can tailor their approach and identify the most suitable lending options.

Once the broker comprehends the investor's needs, they leverage their extensive network of private lenders. A good broker maintains relationships with various funding sources, including individual investors, investment groups, and financial institutions. This access allows them to match investors with the most appropriate lenders, often resulting in favorable loan terms that align with the investor’s financial capabilities and project timelines.

Moreover, a skilled private money broker excels in navigating the complexities of securing financing. They assist investors in preparing necessary documentation, such as detailed project proposals, financial statements, and credit histories, which are crucial for persuading lenders. The broker’s expertise in structuring these documents can significantly enhance the investor’s chances of obtaining the necessary funds.

Communication is another cornerstone of a successful partnership between private money brokers and real estate investors. A good broker remains transparent throughout the process, providing regular updates on loan applications, lender responses, and any emerging challenges. This open line of communication fosters trust and ensures that investors are well-informed and can make strategic decisions based on the broker’s insights. A good broker should also submit to the investor a copy of the presentation they submit to a lender for an application.

Concerning transparency, a good broker is transparent in what they charge the investor for their services. Most brokers set their own origination costs. The standard rate is 3% of a loan, a good broker will never exceed their origination costs of more than 3%.

Additionally, a competent broker goes beyond merely securing financing. They often provide valuable advice on market trends, property valuations, and potential pitfalls in the investment process. By offering strategic guidance, the broker helps investors make informed choices, ultimately increasing the likelihood of project success.

Finally, a good private money broker understands the importance of post-funding support. They remain available to assist investors throughout the investment lifecycle, whether it involves refinancing options, addressing financial concerns, or facilitating future funding needs. This ongoing relationship can be invaluable for investors looking to scale their operations and build a successful real estate portfolio.

In conclusion, a good private money broker acts as a vital partner for real estate investors, providing tailored financing solutions, expert guidance, and ongoing support. By fostering a collaborative relationship built on trust and transparency, brokers empower investors to navigate the complexities of real estate financing, ultimately contributing to their success in the competitive real estate market.

Roger Mace

[email protected]

Phone: (800) 538-0543

I can agree for the most part, but I do have a prime-time lender who will consider non-recourse for fix and flip and ground up construction.  It really depends on the lender.

When a husband and wife jointly own a residence, and the husband takes out a Home Equity Line of Credit (HELOC) in his name only, the spouse's involvement and liability can vary based on several factors, including state laws and the lender's requirements.

1. Spousal Signature Requirement: Typically, lenders require both spouses to sign the HELOC agreement if the property is jointly owned. This is to ensure that both parties are aware of the loan and to protect the lender's interest in the property. If the spouse does not sign, it could complicate any future claims on the property or the loan.

2. Liabilities and Credit Reports: If the wife's name is not on the loan, she will not have direct liability for the HELOC on her credit report. However, the loan could still impact her indirectly. If the husband defaults on the loan, it could affect the household's financial situation, potentially leading to missed payments on other obligations or a decrease in property value, which might influence her credit indirectly.

3. Default Consequences: If the husband defaults on the HELOC, the lender can pursue the property as collateral. Since both spouses jointly own the residence, the wife may still face consequences, such as the risk of foreclosure on the home. Even though her credit report might not show the HELOC, the default could lead to financial strain or a decrease in the joint asset's value.

In sum, while the wife may not have direct liability on the loan, her financial interests and credit situation could still be affected by her husband's actions regarding the HELOC. It's advisable for both spouses to communicate openly about such financial decisions and consider consulting with a legal or financial professional for tailored advice.

Recourse and non-recourse loans are two types of financing agreements that differ primarily in the lender's ability to seek repayment beyond the collateral.

Recourse Loan: In a recourse loan, the borrower is personally liable for the debt. If the borrower defaults, the lender can pursue not only the collateral but also the borrower's other assets and income to recover the outstanding amount. This type of loan typically has lower interest rates since it poses less risk to the lender.

Non-Recourse Loans: Conversely, non-recourse loans limit the lender's ability to collect from the borrower beyond the collateral pledged for the loan. If the borrower defaults, the lender can only seize the collateral and cannot pursue further assets. This type of loan is generally considered riskier for lenders, often resulting in higher interest rates.

In summary, the key difference lies in the borrower's liability and the lender's recourse options in the event of default.

Hi @Joy McQueary, your ideas to expand your portfolio are fascinating. As a private money lender, my area of expertise is assisting investors such as yourself in obtaining capital for buy-and-hold, fix-and-flip, and multi-family properties.

I would love to talk about how we can set up a loan that fits your objectives, whether it be through DSCR or other customized lending options, if you're wanting to proceed with your first transaction in DC or Chicago. Let's get in touch and discuss how we can help each other achieve our real estate goals. I'm here to assist you in obtaining the funding required to begin constructing your portfolio and to grow it in the future.

I'm excited to hear from you!