Phila, Private Lender

[Kathy Johnson]

Hello Fellow Investors and Merry Christmas. I am looking for private lenders in the Philadelphia area. Can anyone suggest any?

Thanks

Kathy

BlackDoorInvesting

[Michael Kuldiner]

not many private lenders.  Most are hardmoney lenders. 

[Anthony Dadlani]

Many listed in the BP directory. 

Best of luck in all your endeavors 

[James Brand]

Hey @Kathy Johnson

Never hurts to add a little detail to your post explaining what you are trying to do or a particular deal you have in the works. Could allow for a lender here on BP to see it and express interest. Just a thought.

-James

[Kathy Johnson]

Good Morning Fellow Investors,

Here is a synopsis of what I am looking for.

I am looking to purchase an already rehabbed property with tenants already in it. The purchase is 45K, I would like to borrow 49,953 for a duration of 30yrs. I have a complete estimated closing cost and monthly cash flow analysis if you are interested in allowing me to borrow the money for the purchase.

Thank you

Kathy

BlackDoorInvesting

[Matt Whitermore]

Private lenders are unlikely to give you a mortgage with a term longer than a few years.

[Jeff Gebhart]

30 years on a $50,000 investment does not sound like a good investment.  I would suggest you get with someone successful in this industry in your area to look at your deal.  

[George Krajacic]

You cannot approach private lender with 111% loan request.. The FHA loan is the best loan one could get. However, to qualify for the loan property cannot be larger than 4 units and the buyer has to live in one of the units. Also to get FHA loan one has to have decent credit, have 3.5% for down payment, have money for the closing costs, have number of months of reserve funds in the bank and have enough income to qualify for at least 25% of the total loan amount. Any other type of loans whether conventional loan from the bank or private loan from an investor will have more stringent requirements. Conventional loan will require 25% down payment, good credit score and required income. Private loan will be at least 8%, require 20% or higher down payment, and have higher closing cost with points and with terms of 3 to 7 years.

If you have to go with private money be prepared to have $9K for down payment and $5K for other costs.

No lender would make 111% loan because you would have nothing to lose. You would not have the skin in the game and that is risk lenders are not willing to take.

Good luck,

George