Hard/Private money for acquisition of single family

Portland, Maine
Private Lending & Conventional Mortgage Advice
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Hard/Private money for acquisition of single family

Tammy Frizzell
Member since 2022 · 1 post · 0 votes

Seeking some guidance. I found a deal and am seeking funding. Single family property in Southern Maine market. Acquisition costs $170k, repair costs $75k, ARV of $400k. I have successfully completed two flips previous to this. I have 5 years experience as an agent/broker, 5 years doing appraisals and 3 years in construction. Trying to build my empire, can you point me in the right direction?

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Robin SimonBusiness Member
Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
4y

Sounds like you should have no problem qualifying for a hard money loan. Are you planning to fix and flip or BRRRR once the rehab is done, or keeping options open?

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  • Robin SimonBusiness Member
    Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
    4y

    Sounds like you should have no problem qualifying for a hard money loan. Are you planning to fix and flip or BRRRR once the rehab is done, or keeping options open?

    [email protected]
    Harpoon Capital515 Reviews
    WebsiteView Page
    1Reply
  • Miranda Holland
    Lender · Macon, GA · Member since 2015 · 191 posts · 59 votes
    4y

    Using other people's money is the fastest way to build an empire. Your deal definitely qualifies for hard money. If you want to hold this property after repairs are completed, you can refinance for a lower, long term rate. I'll send you a PM 

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  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    4y
    Quote from @Tammy Frizzell:

    Seeking some guidance. I found a deal and am seeking funding. Single family property in Southern Maine market. Acquisition costs $170k, repair costs $75k, ARV of $400k. I have successfully completed two flips previous to this. I have 5 years experience as an agent/broker, 5 years doing appraisals and 3 years in construction. Trying to build my empire, can you point me in the right direction?


    It sounds like a fix and flip loan would be a great tool for your empire. There is a few lenders that can do 90% LTC, 100% financing on the repairs, and up to 75% ARV

    [email protected]818-269-7983
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  • Michael Kinsella
    Lender · Member since 2018 · 617 posts · 275 votes
    4y

    @Tammy Frizzell Two reasonable starting points...

    1. Network --> Hard Money Lenders --> Filter by state on Bigger Pockets

    2. Attending local REIA events to network with HML reps, individual private lenders, and other investors for HML referrals.

    HMLs will also look at FICO and your liquidity, but from what you've said above, you shouldn't have a problem getting financing.

    The margin on your deal is hefty and you have experience; the experience most HMLs will look at is recent completed deals.

    Be sure to speak with enough lenders so that you have options and be sure to understand;

    1. Leverage (LTC/LTARV limitations)

    2. Pricing (not just the interest rate, but also origination points, fees, and pre-closing costs)

    3. Term length

    4. Prepayment penalty (if any)

    5. Construction draw process/timing

    6. Extension fees

    Hope this helps,

    Michael

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  • Bob ReinhardBusiness Member
    Lender · Patterson, NY · Member since 2017 · 488 posts · 186 votes
    4y
    On its face, the deal numbers are positive. That being said, reach out anytime to discuss anything real estate.
    Bob

    [email protected]914-861-5501
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  • Dan WeberBusiness Member
    Realtor · Portland, ME · Member since 2015 · 656 posts · 552 votes
    4y

    @Tammy Frizzell give @David Lichten a try, he's a great, local hard money lender that does plenty of business in the area.

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  • David Lichten
    Lender · ME · Member since 2019 · 20 posts · 13 votes
    4y
    Quote from @Dan Weber:

    @Tammy Frizzell give @David Lichten a try, he's a great, local hard money lender that does plenty of business in the area.


     HI Tammy, just sent you a message. Happy to discuss your project when you have a free moment!

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