All Forum Posts by: Ben Dunavent

 I would be concerned with that many people living in the rental. I would imagine that you would have to worry about damage. What kind of security deposits are you looking at? As for the 2nd option I would say that is iffy at best. I would agree with Anna is there a 3rd option? How long has it been sitting without an tenant? 

@Jim Holmes Yes, you can approach them. No lender is in it to lose money. However you may have to qualify in their eyes. If it where me I would approach it with some cash to offset some of the legal fees (or other misc fees) incurred by the lender (also will show you are serious). as Charlie stated it couldn't hurt any. 

This depends on how you are investing. For instance if you are trying to get a hard money loan to help acquire the property you would need to be buying the property under a corp or LLC. This is because most hard money lenders like myself have to do a business to business transaction. If you have the ability to buy it out right or using private money you maybe able to wait. As always you should consult your attorney.

Any one know of good software for lending? I am looking for something that can be used in all aspects. I need something that can preform in origination and underwriting as well as servicing and REO. I have seen various programs that seem to do one or the other. I have not seen a complete package as of yet. Riverdale Funding is a one stop shop in we do everything from start to finish. We are currently working with an in house software which is sufficient for tracking. I want something that will send notification and track loans through the entire process.

 Hi Peter,

Yes the Billings deal was a difficult deal. Thanks for your business. I am the Senior Account Executive with Riverdale Funding. I do not consider our fees "upfront". This is because most lenders give an LOI. Which is a document that states if the the stars align then it may close. Riverdale issue's an approval. Which states exactly what you will need in order to close.

--------------------------------------------------------------------------------------------------------

I am a hard money lender. I require NO FINANCIALS and I except all credit history. Why there maybe a lot of so called "hard money" lenders out there, many differences lie between them. Most of the true hard money lenders will issues LOI's (which is a document that states if the starts align they will do your loan). I will issue an approval that will tell you exactly what is needed to get your loan funded. As long as the value comes in we will be closing that loan. Another difference between my program and other hard money lenders is the way I fund. A lot of the lenders are working with hedge funds or similar funds to fund the deals. Some may even approve a deal and sale it to an investor to come up with the funds. The issue you run into is the hedge funds often require more underwriting than a conventional bank! The guys that sale your deal may get to closing and have that investor pull out of the deal. Where does that leave you? You could lose the deal or worse the property if you are facing foreclosure. I raise my own funds and set the funds aside for each and every deal I fund. This insures that the funds will be at closing!