All Forum Posts by: Bobby Feinman

 I would be surprised if the 5% rate is current. 

@Edwin Bethune

Edwin, to me, this is clearly NOT a lender. Looks to me like they want to charge you as a consultant, referring the loan aspect to a "broker." I would be VERY careful in today's environment working with a broker instead of the actual lender. Unfortunately, there are a lot of horror stories out there with people taking up front commitment fees and never coming through. Hope this helps! Happy to discuss further.

Bobby

 I would love to! My office is on Northampton Blvd near Baker Rd

@Account Closed

Hey Jason, We are both hard and private money lenders ALSO from VA Beach!! You are correct when you say that track record and experience play a role in private vs hard money. Credit score and liquidity are the other important factors that go into this. We ALWAYS try to fund deals with private money terms first because the cost of capital is a lot less than hard money. Credit score, liquidity, LTV, cash in the deal and the deal itself are the key components to private money terms. If we can't get it to fit in that box, then we will look at it as a hard money loan.

Hope that helps!

Bobby

@Rosston Smith

There is not a property limit on the private lending side. happy to discuss further with you!

Bobby

Where is the property located and when do you need to close? 

@Eliza Sparks

Hi Eliza. LOVE Colorado! I have a son that lives in Denver and I am out there several times a year to ski. Happy to answer any questions you may have!

Bobby

@Eric Salgado

I assume you are referring to a DSCR long term rental loan refinance? As long as their is a lien on the property (existing loan), our seasoning requirement is 30 days from when you purchased it. In essence, NO seasoning requirement

Bobby

 My pleasure!

John R Kepler

The short answer is YES. There are many lending options out there. Unfortunately, not all of the options are positive lol. I was an investor for 25 years before becoming a lender so I can speak from experience. Developing a long term relationship with my lender(s) was much more beneficial for me than shopping everyone's rate all the time. That loyalty was infinitely more valuable to me than the small amount of money I may have saved by shopping consistently. I place a lot more value on service and availability.

Find a lender that is available to you 7 days a week if necessary. This is a very fast paced, constantly changing environment and there will be many times where you need to get something done outside of normal business hours. The cheapest guy in town most likely not give you what you need from a service standpoint. Hope that helps!

Bobby