Tips on looking for a Private Money Lender

[Mike Crook]

Hi Everyone,

My name is Michael, and I'm a traditional turnkey investor. I have an opportunity that conventional or DSCR lending won't finance. It's for lease option investing, where the tenant brings in 10-20%, and usually, the investor provides additional down payment to obtain a 25% down payment. Therefore, I need terms in the 2 to 4-year range with a 25% down payment.

Most investors in our area are securing commercial loans from regional banks to finance these properties. However, I wonder if private money is a viable alternative to borrowing from regional banks. I do understand that private funding typically involves points and higher mortgage rates. I've come across private money coaching courses from people like Ron Legrand, Jay Connor, etc. However, before investing a significant amount in coaching, I wanted to know if there is indeed a market for private money.

Thanks in advance.