All Forum Posts by: Joe Dillamore

@Santosh Prabakar As others have mentioned, a DSCR loan should work well, especially if you can get a long-term tenant in place before financing. If it's vacant, the most you'll probably be able to get is 70%. Most DSCR products have a 5-year prepayment penalty in place, which you'll want to be aware of in case you decide you want to sell in a year or two. I can help find a lender that will offer no prepayment (or a 2-3yr) penalty

There are lenders that will go up to 100% once they have done 2-3 projects with a borrower, but I have yet to find an established lender in today's market that will do 100% on day 1. (I wouldn't if I were them either!) If you have great credit and liquidity, you might be able to get 90+100 on a first deal, but 70-80% is much more common for a first project.

I would love to help get the best leverage you can on this, though! Let me know if I can help

@Octavio N Morales I would love to help out. I own a platform that helps investors like your find and compare private lending options. Please don't hesitate to email or call

@MC Campbell As a couple have already said, you're in great shape. I'm actually surprised you have got so many "no"s from lenders. When you've found a property, I'd be more than happy to help you source finance for it - I know quite a few who will do long-term rental loans on multi-family like this.

As a little about me, I have just launched Hardback, a platform that helps real estate investors find and compare finance for projects like yours!

@Micaela N. Wolfe I would love to help you out. I would have to see the details to confirm, but I hope I could find something with lower than 3pts origination.

I'm based in Greenville SC and have just launched a platform called Hardback that helps investors like you find and compare hard money lenders - and construction loans are actually where I have the most experience. Let me know!

@Arron Paulino Every lender is different, but I have found two general trends hold:

1. Rate is either fixed by the project type or is dependent on credit score. 

2. Despite this, the more deals you do with a lender, the higher leverage you get and/or the more you're able to negotiate or reduce origination fees.

So, overall, terms get better through scale, but usually not through the base rate (though there are exceptions). If you would like me to help you find a lender that you scale with, I would love to help out.