All Forum Posts by: Cory J Anderson

Hey Joe,

It depends on the situation, and if you are dealing with a very strict bank seller or not. I know some more experienced investors that put cash and then bring us in the fold later, sometimes because they legitimately didn't know if they would close cash or not yet. You can put cash offer and then once you build some rapport you can mention you are bringing your HML in, and stress the fact that this isn't a regular bank subject to all these regulations and guidelines. Sellers and seller's agents just want to feel confident you will close. So as long as you aren't doing anything deceptive or morally wrong and fully intend to close then I say win the contract how you see fit.

Hey Anthony,

I would say knowing they can close would be most important. Of course rate and terms are something to consider but knowing they can perform/close and protect your reputation in the process is key. Depending on experience, the market is 80% - 90% of purchase and 8% - 11% on rates so as long as terms are fair. The rest would be about a solid relationship in my opinion.

My name is Cory J. Anderson.   At First Equity Funding, hard money lender out of Sea Girt NJ, most of our business was lending on fix & flips.  As some of our investors decided to hold these properties instead flip them, we saw the roadblocks that came with conventional refinancing.  Since then, we have brought a 30 year fixed rental loan to market:

- Rates start at 5.5%

- No doc, No DTI

- No tax returns needed

- Close in an LLC or personal name

- Up to 75% LTV on cashout refinance & up to 80% LTV on purchases

- Minimum 650 credit score

- 1-4 family properties

- Credit score and cash flow driven

Feel free to reach out if I can be of help in anyway.

Hey Everyone,

My name is Cory J. Anderson. I am a loan officer for a Hard Money Lender New Jersey.  First Equity's main focus and primary source of business has always been lending on fix & flip type projects.  As markets change and businesses adapt, First Equity recognized the opportunity in lending on rentals as well.  We have had a 2-year, interest only, rental product for quite some time now but have recently added a 30 year fixed loan program:

- Rates start at 7%

- No Doc, No DTI

- Close in an LLC or personal name

- Up to 75% LTV for both purchases & refinances

- Minimum 650  credit score

P.S. --- Even if you only have a few basic questions on creative financing and how it works, I'd be glad to be of service anyway I can. Thanks!

Hey Everyone,

My name is Cory J. Anderson. I am a loan officer for a Hard Money Lender based out of Wall Twp, New Jersey. We believe in integrity. Yes, a Hard Money Lender with integrity. Hard to believe isn't it? Well give us a shot!

- We lend in most states.

- We focus more on experience and the asset than anything else.

- We work with new investors as well as seasoned vets.

- Even if you only have a few basic questions on creative financing and how it works. I would be glad to be of service anyway I can. Thanks!

Hey @Alphonso Dormun right at the bottom of this reply is my personal office line as well as our website.  Reach out any time with questions.

@Steve Powers

Every lender is different.  Also, if it is private money vs hard money.  They are essentially the same thing, but private money may be more flexible on terms.  Hard Money you will typically always pay 1 - 5 points at closing, most common being 2 - 4.

As far as rate, any where from 8% - 18%.  And that is not the rule, it could be higher although I don't know who would agree to that.  Maybe some one in a pinch.

If you have a lot of experience there are rates out there as low as 8%.  For some one brand new they might be paying 12% or higher.  But given the fact there are a good amount of lenders out there willing to do 12% for newer investors, 15% sounds a little on the high end.

Hey @Steve Powers

What Market are you in?  I am in NJ and 15% sounds a little high but 3 points is pretty fair, especially if you are new to investing in flipping homes.  

Hey Everyone,

My name is Cory J. Anderson. I am a loan officer for a Hard Money Lender based out of Wall Twp, New Jersey. We lend in most states and pride ourselves on funding deals that all parties involved feel like they got a win. We work with new investors as well as seasoned vets. If I can be of any assistance, please feel free to reach out.

P.S. --- Even if you only have a few basic questions on creative financing and how it works. I would be glad to be of service anyway I can. Thanks!

Hey Everyone,

My name is Cory J. Anderson. I am a loan officer for a Hard Money Lender based out of Wall Twp, New Jersey. We believe in integrity.  Yes, a Hard Money Lender with integrity.  Hard to believe isn't it?  Well give us a shot!

- We lend in most states.

- We focus more on experience and the asset than anything else.

- We work with new investors as well as seasoned vets. 

- Even if you only have a few basic questions on creative financing and how it works. I would be glad to be of service anyway I can. Thanks!