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All Forum Posts by: Anderson S.

Anderson S. has started 12 posts and replied 187 times.

Post: Purpose of HELOC

Anderson S.
Posted
  • Lender
  • Brooklyn, NY
  • Posts 195
  • Votes 49
Quote from @Russell Brazil:

Tell them it's for hookers and blow, and they'll approve the relocation.

Tell them it's to invest the money, and they'll deny it.

That's not a joke, it's the truth.

Okay now this made me laugh LOL

Post: Hard Money Loan Questions...

Anderson S.
Posted
  • Lender
  • Brooklyn, NY
  • Posts 195
  • Votes 49
Quote from @Carlos Quiros:

Hello-

New to hard money but not to rentals, I own 5 doors that I have funded myself but want to keep some reserves so looking into hard money for my next deal and will refinance into a conventional loan to keep the property.

Are these typical hard money terms or is this too much?

General terms:

80-90% LTV/ 100% LTC with a cap at 70% ARV
9mo note at 12.99% I/O
3pts Origination
$1k UW
$1k Legal
Additional costs - title, appraisal, property insurance (~$2k)
10% of renovation estimate as contingency due at closing.
Renovation funds issued on a reimbursement basis for work completed.

Looking for constructive feedback.

Thank you to all that contribute.

Did you get funded?

Post: Who is your favorite Hard Money lender to use?

Anderson S.
Posted
  • Lender
  • Brooklyn, NY
  • Posts 195
  • Votes 49
Quote from @Jace Perry:

I am interested in trying other hard money lenders for SFR fix and flips. Who do you use and what type of terms have you seen recently?

Did you get funded?

Post: Hard money lenders for newbies!

Anderson S.
Posted
  • Lender
  • Brooklyn, NY
  • Posts 195
  • Votes 49

I'd agree with a lot of the sentiment - use the "find a lender" feature and speak to a few that lend in your state. 

Post: Hard money lenders

Anderson S.
Posted
  • Lender
  • Brooklyn, NY
  • Posts 195
  • Votes 49

We lend (mostly) nationwide - but we do lend in Delaware.

Post: Hard money loans

Anderson S.
Posted
  • Lender
  • Brooklyn, NY
  • Posts 195
  • Votes 49

I'm a direct lender, if you have the experience, let's talk.

Post: First Multi-family BRRRR Deal In Southern Orchards

Anderson S.
Posted
  • Lender
  • Brooklyn, NY
  • Posts 195
  • Votes 49

Finding a good contractor is damn near impossible. Kudos on this! 

Post: Hard Money Loan Questions...

Anderson S.
Posted
  • Lender
  • Brooklyn, NY
  • Posts 195
  • Votes 49

Like someone else said earlier the terms of financing can vary significantly based on the lender, as well as the strength of the borrower or the specifics of the deal. This includes factors such as interest rates, loan-to-value ratios, and repayment schedules. If you would like to discuss the details further, I’d be happy to chat. Feel free to reach out to schedule a call. 

We offer a range of flexible financing solutions and we lend nationwide, I'm sure we can meet a your real estate investment needs.

Post: How to Vet a hard money lender when investing my money

Anderson S.
Posted
  • Lender
  • Brooklyn, NY
  • Posts 195
  • Votes 49

Let's find some time to chat!

Post: NEW to the BRRRR method! Where to start with private money or hard money lenders?

Anderson S.
Posted
  • Lender
  • Brooklyn, NY
  • Posts 195
  • Votes 49

When exploring financing strategies for your first BRRRR project, especially with an owned property, start by researching reputable private or hard money lenders who specialize in rehab financing (like us :)). Evaluate the total cost of needed updates, like new roof shingles, kitchen improvements, and possibly converting the garage into a bedroom, ensuring these will add significant value. Gather all necessary financial documents and apply to multiple lenders to compare terms.


Once the rehab is complete, consider a cash-out refinance to recoup costs and fund future investments, leveraging the increased property value. This approach will enhance your ROI and streamline your BRRRR strategy.