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Updated 6 months ago, 06/04/2024

User Stats

4
Posts
2
Votes
Gustavo Rodea
Pro Member
2
Votes |
4
Posts

looking fo Private Lenders that walk the talk

Gustavo Rodea
Pro Member
Posted

Working on my 6th flip have two with a private lender that cap me into two, my credit is been run 7th times by lenders that tell me that they will do the deal only to find out at the day of closing that "is to rural and they change the down payment to 65% from 20% quoted  " or  my reserves are not meet by my personal account and want information from my corporations and when they see a check for 10k they want explanation with invoice and end up saying that they cant count the money that I charge as business coach to be use as down payment or just even reserves bottom line I'm tired of lenders running my credit and then don't close on the deal


I have 3 properties that i need to refinance 

944 chance st Greenville NC this is a mobile home with solid foundation 

15405 Hwy 210 Rocky point NC refi this is also a mobile home 

with solid foundation

308 Holmes st Shallotte NC single fam home 

and for 309 north Hampton rd. Wilmington NC 28409 i need Hiloc on this one I Don't have my 2023 tax done so if you require them don't contact me 

I need a lender that can validate my experience and give me 10% or 15% down on 308 north Hampton rd. Wilmington NC I have this under contact for 330k  needs 32k rehab arv 455k I need  fix and flip loan  on this one and then maybe refi 

I have 122 Julia dr Warsaw NC under contract for 40K needs 38K rehab arv 135k 

and finally once I get money out of this properties I need new construction loan to build at 4209 Lynbrook dr Wilmington NC and two more lots that I own.

base on what I heard on Bigger pockets there are private lenders that partner with investors to make deals happen with out running credit every deal. 

please let me know what lenders contact that walk the talk.

i contacted 5 lenders from bigger pockets

first one told me that they don't fund deals near the beach

second told me that they only do deals in bigger cities

third told me that they do everything but fail to close on a property because reserves not meet their criteria 

4th made me fill out an application and told me that my 750 credit score combined with my experience of 5 deals was not enough to meet their profile 

5th went from yes we will do you refinance to not answering the phone or emails

6th not from bigger pockets but done a statement loan with him of 675k and he just not interested in 340K deal he has ignored all my email text and calls 

when I stared looking for lenders last year I try locals only to find out that they are just bunch of bs my credit has been run 19 times and only 5 deals have been approved 

  • Gustavo Rodea
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