All Forum Posts by: Anthony Susco

@Tzvi Balsam,

You will be hard pressed to find HMLs that will lend out at 10% or less with no points. Especially as high as 80% LTV.

As @Wayne Brooks said, if you can find a bank to give you a mortgage on this deal, that would be the cheapest way to go regardless of prepayment penalty

Scott,

I have had experience with many HML where I was the borrower and now lend as well so I can give you two different perspectives.

As a borrower, I was forced to renew for 1 year with a 5% penalty or payoff the loan. I decided to refinance and put up the cash required instead of the large fee.

As a lender, we offer our borrowers the opportunity to extend in 3 month increments with a 3/4% fee.This can be done up to 3 times which would end up with a loan that lasts 1 year and 9 months. 

We also use our contacts of banks and mortgage brokers if needed to help the borrower refinance.

Of course, this is dependent on the fact that the borrower is currently in good standing.

Cyndi, 

I have completed many projects like this by using Hard Money to complete the rehab and then refinancing with a traditional bank or longer-term private loan once the rehab is complete and the units are occupied.

Feel free to message me with any other specific questions and I'd be happy to share my experience.

Michelle,

I am able to provide funding throughout the Philadelphia region and would be happy to discuss further.

I also have extensive experience flipping houses myself and strive to make our lending company as investor friendly as possible.

Chanel and Kevin,

I am able to provide funding options in all areas of Delaware and New Jersey. 

I also have extensive experience flipping houses and would be happy to answer any questions new investors may have.

Message me and I would be happy to discuss further.

Hi Frank and all,

I have been involved in real estate investing for over 5 years from wholesaling to fix-and-flip and buy-and-hold projects and I am now the Managing Partner of the Private Real Estate Lending Company, Ashmore Partners.

We lend throughout the state, but are especially local to Camden and Burlington counties where I have completed several flips myself.

I'd be happy to connect to bounce off ideas, help with funding, and/or JV some deals

Filipe,

My name is Anthony Susco, the managing partner for Ashmore Partners Private Real Estate Lending.

I was reading through your forum thread and believe my company could help you with your funding needs.

We have funded many investors rental properties with "bridge loans" that allow them to season the loan until refinancing with a bank. If you are purchasing this property for under market value as you have indicated, that could be a great option for you.

We would lend to you at 75% of the value of the property and up to 90% of the purchase price. 

Send me a message if interested and I'd be happy to setup a call with you to provide more details.