All Forum Posts by: Ben Dunavent

We are rolling out a limited time offer in NY. I require NO FINANCIALS and accept all credit. For a limited time we are offering this at 10% and 4 points. NO pre-payment penalty. Please call me now to discuss any deals that could potential fit. 

@Antonio Nguyen Welcome to BP!

@Gabriel Reff Depending on the type of financing you qualify for you may want to use an LLC or Corp. I can not speak for a conventional bank. For private funding in most cases it is a business to business transaction. If you can not get financing through conventional methods you may want to think about holding your property in an LLC.

This is a very good article. This is a big issue in the hard money world. I as a lender do require the borrower to put up 1/2% to 1% (of loan origination) in escrow with a third party attorney. The reason behind that is I have to have a serious borrower. I see a ton of loans daily. If I started to work on these loans and pay everyone in my office just to find out the borrower is not wanting to move forward I would be losing money hand over fist. Not to mention the broker who only gets paid if the loan closes. So it helps the broker as well and shows that the borrower is not shopping both of us while we are working diligently to close their loan. Although a big difference with me and other "lenders" that do the same practice is they do not go to commitment right away. I issue approvals not LOI's (which is another topic) and go right to commitment if we have what I call a meeting of the minds. In the commitment it states that the 1/2% or 1% is refundable if I fail to close the loan. We will send it back right away with a tracking number. We have never had an issue with lending this way. Although it is more difficult as a lender to explain to the borrower especially if they have been scammed why we require this.

@Diana Garcia I use the Pacer and Taleo which are both paid services. Between the two of them you should be able to find out anything you need to know. 

@Chris Uhler I shared this with my team! We also spend a lot of money to make our phones ring. I think this shows that ever lead needs to be followed up with no matter how insignificant it may appear.  Thanks for sharing! 

 No problem...Cant wait to see the pics!

 Great Job for you first time around! 

@Milton F.  I agree with Matt. What company is the title insurance through. What type of transaction is it meaning is it a residential deal or commercial? I do find it somewhat strange that the title company will not settle it at closing. If there is a amount tied to it they should be able to pay at closing and give you clean title. Perhaps its something that is collecting interest and there is no payoff supplied to title, I could see that being a reason why they will not settle at closing. 

Hi @Brent Causey,

I agree with @Jon Holdman. I would sell it. Most private lenders will do only do a max of 50% on land and most have a min amount that they are willing to loan. Typically 100K for most national lenders.