All Forum Posts by: Susan V.

Ned, it means the transaction does not involve escrow, presumably all funds transmitted via wire, otherwise, we'll need a huge duffle bag.  I'll do my best to get clarification.  I did speak with one person who has been borrowing from this entity.  I also directed my question to the owner of Stellar Loan Out about the domain name registration and it seems reasonable.

Jeff, 

Thanks.  I appreciate that you are looking out for a fellow investor.  I cannot believe no one legitimate would refuse to fund us. I could not believe that rate as well.  In a world where we need to see it to believe it, I know it is hard to believe without seeing or experiencing yet.  I have worked with very wealthy individuals who are philanthropic (not care to make a huge gain) would have looked at 5% as no big deal as long as it is a steady and guaranteed return.  Perhaps that is what am looking for here. 

That request is only for legitimate people who are lending, even if they are new and I am a first client.  As long as they are not scammers or "wannabe", I will work with them. 

I am still doing due diligence on these two companies I mentioned in my other posts.  Both do not know each other.  But someone (maybe a guru or a marketing pitch) taught them to do similar things.  Hopefully no one falls victim.  I do not have disposable income to lose -- so anyone reading this -- I have no funds to advance before we close on a transaction.

I've been part of many clubs but stopped attending when things became a pitchfest with dreamers with no money. I will attend when I have some more time.

Susan

We are seeking funds between $50Kto $265K to repay in 25 yr., no prepay, interest only payments. Properties in Ilinois and Pennsylvania. Minimal equity and does not meet any hard money lenders' requirements -- we've tried. Will close through escrow. Please contact soon. Thanks.

We are seeking funds between $50Kto $265K to repay in 25 yr., no prepay, interest only payments.  Properties in Ilinois and Pennsylvania.  Minimal equity and does not meet any hard money lenders' requirements -- we've tried.  Will close through escrow.  Please contact soon.  Thanks.

My understanding with Lightstream is your credit score has to be over 680 to be considered and the rates are decent. Look into other options.  

I recently asked that question on one of my Facebook pages.  And I thought transactional funding and be a private lender and make it easy!  

The reason I asked this question was because I was looking for a loan and I got "preapproved" for $265K which seemed too good to be true -- why was that?  Because they were not charging insane points to originate. But not everything has to be about charging a lot of points if you look at the long-term returns on the loan.

Maybe lend some of that money out and make some interest income from it.  

If you do want to lend some of that money, will you consider lending to me?  I've had a hard time finding a lender because of low credit score and minimal equity in our properties. 

I was looking for $265K to cash out refi or as a personal loan to pay for repairs made to 3 properties in Illinois and to continue repairs to get units rent ready. When all units are rented, the income is $3,420.

There is minimal equity because we had a refi cash out in 2022 and rehabs funds have been exhausted. Then, storms and tenants caused damage to the property. We have no more cash to do additional repairs. We still owe the contractors who made the repairs and one of our property managers is holding the income and applying everything to monthly expenses. So, ideally $265K to get repairs done and mortgages paid. We have balloons due in December 2023 and January 2024.

Chris, I am seeking $265K cash out refi or a personal loan to pay for repairs made to 3 properties in Illinois and to continue repairs to get units rent ready. When all units rented, the income is $3,420.  

There is minimal equity because we had a refi cash out and rehabs funds have been exhausted.  Then, storms and tenants caused damage to the property.  We have no more cash to do additional repairs.  We still owe the contractors who made the repairs and one of our property managers is holding the income and applying everything monthly expenses.  So, ideally $265K to get repairs done and mortgages paid.  We have balloons due in December 2023 and January 2024.

Yeah, I know. They were not advertising, but they have a website to show who they are and what they do.

Thanks for pointing that out :)

Here is the scenario:

Seeking $265K cash out refi or a personal loan to pay for repairs made to 3 properties in Illinois and to continue repairs to get units rent ready.  When all units rented, the income is $3,420. 

Cumulative estimated value of properties: $188K; current loan balance: $193K

I had "private lenders" who would lend at 5% interest. Seems too good to be true.  No credit checked.  Upfront 2 to 5 points for  origination; pay before funds disbursed.

Oen will go through escrow.  One will not use escrow. both lenders established in 2022.  

If they are not legitimate, I am wasting a lot of time and potentially losing my cash (cash that I need to run my businesses).  

Any ideas/thoughts/suggestions/legitimate lenders here?