Hard Money or Private Lender in Charlotte

[Kristen Fennig]

I found an auction in an incredible area and am wondering if I can get a private lender to purchase it! I have no debt except my current house, $65K in the bank and other assets. 

[Marty Johnston]

@Kristen Fennig have you considered leveraging unsecured personal debt for auction properties? I know a long list of investors who have benefited from obtaining unsecured personal debt which is collateral-free, and no limitations on it's use of funds. Its not the cheapest capital around to be sure, but it provides the infinite flexibility that auction properties sometimes need. In short, these loans are for the profit-driven investor. If you are able to purchase with 'cash' through the likes of a partner, or unsecured personal debt as mentioned above, then you could utilize a hard money lender who offers what's called "Delayed Financing". Basically this means they'll refinance you immediately after the auction, and view it as a purchase when it comes to their LTVs (as purchase loans generally have higher leverage than cash-out refinances). This way the Hard money lender can now obtain the appraisal that they need to fund your loan, you can pay off the higher cost unsecured personal debt (or roll into into the next project for quicker expansion of your rehab business), and proceed with your project.

Happy to chat more on this if this sounds of interest to you - feel free to shoot me a DM and we can chat there.