Favorite Hard Money Lenders in Pittsburgh

Pittsburgh, Pennsylvania
General Real Estate Investing
4yFollow

Favorite Hard Money Lenders in Pittsburgh

Austin Pitts
Real Estate Agent · Austin, TX · Member since 2016 · 86 posts · 58 votes

Who are your favorite hard money lenders in Pittsburgh, PA?

Who is still lending? Who has a great BRRRR program? Who has the most competitive rates and who is local?

Looking to connect and create relationships with local lenders to create a bridge between us and our investors. 

0Reply
24 views

2 Replies

Jump to latestLatest
  • Mike Klarman
    Specialist · NJ · Member since 2022 · 1k+ posts · 649 votes
    4y

    We closed a fdeal in Pittsburgh in March. 4410 Sherrod Street. Our offices are not there but we loan all over that area. Sale price was 160, borrower who had experience put 160k in so the project cost was 320k but the ARV came in at 482k so it was a great deal.

    We have a good Fix n Flip program.  With experience (combo of holds and flips last three years = 3) you'll get 90% of purchase and 100% rehab.  So the borrower only had to float 16k plus 3k in fees and closing costs and they are getting a +162k gross profit.  If a borrower is not a 3 yet in experience then they'll get 80% of purchase.

    Feel free to reach out.  I'd be happy to discuss your investor group and what their needs are.  Below is a pic of the Sherrod Property.

    1Reply
  • Mike Klarman
    Specialist · NJ · Member since 2022 · 1k+ posts · 649 votes
    4y

    I want to share a deal with you that I am doing with a beginner. It's in Pittsburgh PA. It's on Kincaid St.

    The Borrower is a 0 experience but has the 680 credit score.

    She has a property under contract for 175k. With 140k in work, it has been appraised to be worth 400k when finished.

    Loan Amount: 280k

    Int Rate: 12.14%

    Payment: 1,395/month

    Borrower Costs: 35k (down payment), 6k lender fees and closing costs, figure 7k for 5 months of holding the debt. 

    Borrower will float 48k for 5 months.

    After 5 months, borrower will sell for 400k. Payoff old loan of 280k. Left with 120k. Recoup the 48k laid out. Left with 72k gross profit. After sales fees figure 68k net.

    1Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free