All Forum Posts by: David Weintraub

I'll do my best. 

Sorry I missed this.  Didn't have my notifications setup property on my new email account :-/

Outside of real estate, but someone looking for a business line of credit, or business financing for a non-real estate business.   So happens to be a real estate business client of mine.

Loan anywhere from $200k-500K

Danke. 

 It really depends on the value of the property you purchase, whether or not getting rates in the 5s makes sense for you.  I'm not into people speaking for others. 

Matt  at Transfer Properties in Manayunk can handle this. 

mhe at transfer.properties

Never heard of a lender requiring this. 

I have a borrower who purchases condos (more difficult) for estimated $140,000 in NJ.  And the rent is around $1400 as well (1%), which is good for the area.

He uses HML, interest only, to acquire fast, and pays around 7.9% for 6 months, no rehab loans, and gets 75% of purchase. It's a "hard money loan", and he does refi out into conventional. Double close. Expenses are higher, but he's getting it done and cash flowing. He doesn't want to deal with banks, and needs money fast in a market that is competitive.

HML space is super competitive, and rates and terms are getting pretty close to banks for commercial loans.

@Tevin Swain I live in Philadelphia, and there are banks that will work with you on these types of loans. Much of it depends on your experience, credit, background, etc. But even with that said, if there's "meat on the bone", you can use HML to pull this off. Especially if you're just needing acquisition without construction, and speed is the issue. There are bridge loans for that.

If you can get bank financing you get bank financing.  But @Tom S. opening comments are not "hard money", and don't relate to what you're asking.  Maybe what you're seeking, but not asking.  And getting a loan in Burlington from a local bank is likely much easier than getting a loan in Philadelphia.  It's a different game altogether.  Glad it's working for him though.  That's great.

You should attend the Brewerytown meetup which takes place first Wednesday of the month.  Hit up @Odie Ayaga and @Troy Sheets for info.  

Friend of mine has been offered a portfolio of properties, 4 buildings, 3 of which have commercial units downstars, 25 total doors, appraised value $3.5M. Borrower can buy it for approximately $2.5M.  Except the borrower would need to put down approximately $500,000 minimum, and he doesn't have that.

He does have a few other SFR properties, but can't sell them in time to make the deal work.

I told him he needs a private investor, but it doesn't seem he's going to find this. 

Solution?

Luis Leiva, CEO of Culture Estate, has a free lunch seminar at his office in NJ this coming Friday, 7/27, at Noon..

Leiva practices what he preaches, and while I'm sure he'd prefer you list your future properties with his company, you're under no obligation to do so.  It's as free as it gets, and he has a lot of great information to impart about Sheriff Sales, as he acquires at least one a month, sometimes 5+

Auction.com co-sponsors the lunch, so contact [email protected] if you'd like to attend.