Tucson, AZ · Member since 2016 · 120 posts · 127 votes
Hey Guys, I was hoping to get some personal recommendations for hard money lenders in my area. I know some MHL support several areas, so to make it easier, I have listed the ones on BP that I know support my area. Obviously, any recommendations outside of this list would be welcomed as well.
Rehab Financial Group
DoHardMoney.com
GROUNDFLOOR
BridgeWell Capital
RealtyShares
LendingOne
Any recommendations and advice is greatly appreciated. Thanks.
Hey Guys, I was hoping to get some personal recommendations for hard money lenders in my area. I know some MHL support several areas, so to make it easier, I have listed the ones on BP that I know support my area. Obviously, any recommendations outside of this list would be welcomed as well.
Rehab Financial Group
DoHardMoney.com
GROUNDFLOOR
BridgeWell Capital
RealtyShares
LendingOne
Any recommendations and advice is greatly appreciated. Thanks.
@Dean Ingramham just make sure you can get out of the loan or refi.. Don't count on a sale of a property other wise hard money can get crazy expensive.
I know this is not what you asked but just my two cents.
Tucson, AZ · Member since 2016 · 120 posts · 127 votes
10y
Thank you all for your suggestions and recommendations. I am also looking for portfolio lenders in my area as well. I would really like to avoid hard money as it really eats into your profits, but at the same time, some of the rehab loans that are available through banks like Wells Fargo take 45-60 days to go through and that is just too long. If you all have suggestions for portfolio lenders in my area that you have dealt with, that would also be appreciated.
I should probably also mention that I have a good income, good credit (768 FICO) and a 17k credit line to cover a down payment and or some carrying costs. I am also looking at getting another credit line from a different bank who is confident that they can get me around 20k. So I welcome any other suggestions you guys may have.
Tucson, AZ · Member since 2016 · 120 posts · 127 votes
10y
Most of the homes I have been looking at are REOs in the 50k to 70k range. Most comp out around 115k to 130k. Rehab costs can't be any more than 20k to 25k, even less if I have to use hard money.
So, if we are going by 70% of the ARV, then 80k to 90k for the loan. With a 17k credit line (not counting the one I hope to get next week) I can afford a down payment of 10% to 15% (12k to 15k) and still have a little left over for carrying costs.
Tucson, AZ · Member since 2016 · 120 posts · 127 votes
8y
Bumping this.
The first house I flipped I did with a small bank, but now I have a new deal under contract and I am looking for a hard money lender to fund it. Looking for any references for companies you have personally used.
Lender · Hackensack, NJ · Member since 2016 · 1k+ posts · 372 votes
8y
I would also suggest looking for a good loan broker. at times that is the best way to get the most competitive rates as long as the points are still pretty much equal