Private Money Lenders/Hard Money Lenders in Knoxville, TN

[Josh Barnes]

Does anyone have any recommendations for a good private/hard money lenders in the Knoxville, TN area? Thank you!

[Bob Green]

Greetings Josh,

I'm an asset based lender, which means we evaluate the cash flow of the property rather than your personal debt - No tax returns required - Bank rate/terms.  We can lend in Tennessee.

I assist investors who do not qualify for traditional lending due to:

1. Credit score under 700?

2. Property cash flow is good but personal debts are to high?

3. Do not show enough income on tax returns?

4. Own to many properties?

5. No cash out based on fair market value for 6-12 months?

6. Etc., etc., etc.

I provide cash out based on fair market value - 90 day value seasoning.

The main difference's between us and a traditional bank.

1. We offer 10 year fixed rate/ 30 year amortizations. In general, banks only lend up to 5yr/20 amortizations

2. We offer non-recourse loans - Banks only recourse

3. We do not require tax returns and do not look at your personal debts. We only care about the cash flow of the property - With banking, there is something called global debt service ratio that can kill a deal very quickly because personal debts are counted against you.

4. We allow 90 day value seasoning from the day you close. This will allow you to cash out based on fair market value with out waiting 12 months, therefore leveraging the equity to buy more property sooner than later - Most banks will not allow you to leverage the equity until property is owned for 12 months

5. We do not care how many properties you own, we can finance as many as you would us like to.

6. Minimum FICO 600 for single loan - 1 unit SFR - 660 for blanket loans - Most banks require 700 fico score and higher

7. Cash out for anything - Most banks want to know where the cash is going to be spent

8. Minimum Debt Service ratio 1.2% NO Global Debt Service Ratio. We only look at the asset- Traditional banking count personal debts against you