private mortgage

[Tyler Roderick]

I am interested in finding a private mortgage. There is a short sale property I am interested in and would like to borrow 130,000 for purchase and renovation. I am in the construction trade and the cost of all the cosmetic work cost would be.strictly.materials. There is a detached.two car.garage and 1.2 acres. The house itsself has an unfinished second floor which would eventually be a.rental unit and I would occupy thefirst floor. The.property will act an office/shop for my remodeling/custom woodworking.business.

does anyone have any suggestions on finding such a lender

Thank.you

Tyler Roderick

[Jon Holdman]

If you specifically want to find a lender you will need to post in the Marketplace forum.

So, I'll address the "how to find a private lender". IMHO, "private lenders" are just that - private. Many HMLs have taken to calling themselves private lenders. I think anyone who advertises or responds to as is not truly a private lender. They're a HML.

Where you do you find a private lender? They're all around you. A private lender is simply someone who you know that is willing to invest in you. Someone with money who is interested in what you're doing. You need to talk to everyone you know and everyone you meet about what you're doing. It will take time, but you will discover such people. Don't make the assumption that because someone lives in an ordinary house, drives an ordinary car or hangs out of ordinary places they don't have money. That person with the big house and flashy car may well be in debt up to his ears. That neighbor with the 10 year old Corolla may well be a millionarie.

All that said, you want this building for your own use. You really do want long term bank financing for that. HMLs are going to be mid double digits. That's your best bet if you want money quickly. Private money is probably high single digits. A commercial loan for a property like this is probably around 5-6%. That's where you want to be.