All Forum Posts by: Shane Bishop

@Shane Bishop Congrats on your upcoming purchase!  I refer most of my clients to Carolina Property Insurance and Field Insurance.  They're both local brokers with a strong presence on the southern end of Myrtle Beach and Murrells Inlet.  Good luck!

your way to premature to be shopping for a lender you need a capital partner first and foremost there are 100 lenders that will do the deal if you have the proper capital up front. Your wasting your time trying to interview all these different lenders that all say no problem they can do it for you.. when in fact most are brokers not direct lenders and all of them will require experience and capital before your going to get a loan.  CAPITAL FIRST then go shopping .  Other wise your going to be frustrated.. Or try to find a unicorn Sub to deal or owner finance with minimal down thats where i would be spending your time right now.

Just sayin at 50 years at this.. And talking to hundreds of folks just like you..  I fund a really good broker over in Aiken SC  and she does a little consulting you might want to  ping me and I would be happy to refer her to you.. She will give you the straight scoop.. instead of the ra ra we can do a loan for you when I know these guys that are posting what their requirements are. 

The last thing you want, @Shane Bishop, is to make an aggressive offer on a property—perhaps a 10-day non-contingent close—and then scramble to find the money, all while worrying about your EMD.

Similarly, spending a lot of time preparing various financial statements, business plans, applications, and lists of every property ever owned could turn into a waste of time. After you’ve spoken to a handful of private/hard money lenders, you’ll find that, unlike conventional lenders with standardized minimum requirements, they will be as varied as fingerprints. Don’t invest time in this yet.

Call a handful of P/HML's and ask them about their loan criteria. Will they lend on STRs and under what terms? What are their physical and financial expectations of the property? What do they expect of you in terms of your background and experience? What documents do they want to see from you? Appraisals? Credit? POF requirements? How long do they typically take to fund? This list goes on, but you'll see that everyone's process will be different.

Lastly, since this is a business based on relationships, getting to know your lender will go a long way toward the potential accommodations you might need to obtain a loan. We meet and get to know every borrower. You might consider inviting potential lenders to lunch.

I would get your lending lined up..  most sellers want a proof of funds or proof your approved for a loan if you not paying cash.

 Private lender relationships really boil down to knowing what to provide and doing it in a timely manner and having conversations to understand the guidelines. 

Having your personal financial statement, statement of real estate owned, an application and financial information handy goes a very long way. Just reaching out to a lender saying "what types of loans you offer is like going to a shoe store asking for what types of shoes they have".

Start with I am purchasing a $300k property located at XYZ main St in AAA, SC. We want to make it a STR, we have X to put down and we anticipate it having annual rent of X and annual expenses of Y.