Hard Money in New Mexico

[Christopher Morin]

I moved to a new area and am having a heck of a time finding a hard money lender for my rehabs in Clovis, NM (pretty meek military town, but we do have a Chipotle!).  I've spoken to some small local banks, which have great programs and portfolio loans, but I haven't applied for a line of credit yet, and I am now on a timeline (close by Friday).

I can purchase this property cash, but it will use up most of my capital, and I'd have to turn off the incoming deal faucet. The deal is easy on a standard 3/2 home, numbers make sense (70k purchase, 10k rehab, 115k ARV) with a relatively high turnover (expected DoM around 60) and I've already run a solid CMA and have multiple contractor bids. The financing is the last piece. I'm still in my inspection period until closing.

Anyone know any quick acting private or hard money lenders in New Mexico?  or ones that would refi right after a closing (as opposed to waiting 3-6 months)?

[David Weintraub]

Yeah, the only reason $100,000 is a minimum is because the time and effort it takes to process a loan is the same whether it's $100k or $1MM.  And if you're an office with somewhat limited resources, or even many resources, it becomes a question of value for the lender.  

If you call a HML and say, "Hey, if you give me 9% with 5 points..." They'll probably do it because the points would be attractive.