All Forum Posts by: Jay Hinrichs

@Corey Davis

just send me a PM I will be glad to explain our non recourse product. but really its pretty simple. you find a deal you get it TK and tenanted we loan 50% of what you have in it for 5 years.. gives you time to hopefully ride the market up refi or sell for massive profits :))

@Corey Davis

your right we started with tax returns 2 years, fico 680 no real estate related bad debt and proof of reserves back in 2005.. The idea that hard money lenders will just make loans without vetting the borrower is just not the case here on the West coast.. maybe in other markets. But it your doing LTV loans with little skin in the game.. then your not going to be in bizz long if the borrowers are not vetted properly.

So your correct when newbies think they can get 100% financing,, they may in some markets but not with a lender on the west coast that has any amount of sophistication they have to many experienced people to lend to without taking the risk on a newbie.

Newbies need friends and family to launch there empires.. At least again here on the west coast by and large.

@Vance Petersen

I hear what your saying about shopping lenders.. However for me I strived to create long term relationships with my borrowers. To the point that my service is so good that they would not consider going to another lender to save a few bucks. And or if they treated me like a sub contractor I would not lend to them as there is no loyalty coming back to me,, and they would be the first ones to bolt if the project went upside down. Its the same with my bank here in Oregon been with the same banker for 20 years. When I grew to big for them ( IE I was at their lending limit for one client) I did have to find a few other banks to get LOC's from.. But when the GFC hit.. those other banks all called the loans and my core bank stuck with me.. So I would never ever not give them the opp on a project even if I was paying more for the money that a competitor was trying to woo me with.. But right now I get 1 point and 5.5% my partner in my plane he gets the 5% with no points.. But his company made 15 mil last year.. I am not in that league so I have to be happy paying the point.:)

@Corey Davis

our loans are 5 year loans and are for cash flow investors.. who are using their SDIRA's to buy cash flow Turn Key properties. Say they have 100k in the SDIRA and the cash flow home in Orlando is 100k each.. They cannot get financing because a SDIRA cannot have any recourse.. There are few lenders that will do TRUE non recourse lending.. So for our program and we do these with TK operators all over the country ( same goes with the foreign buyers they can't get a loan on an investment property either) We will finance 50% of the purchase price thereby allowing the SDIRA holder to buy 2 homes instead of one and provides leverage so their returns are better. TK operators love it because they just made 2 sales with the same client. We don't offer this one off we only offer it through TK operators as stated above.. Although we may look at moving into CA with the product. Norris has similar product but I am pretty sure they will lend to LLC but will want a PG.. Just like we did with the hundreds of HML I have made back in the day. I am a CA RE broker so I can step right into lending in CA when I am ready and or have the deals that are coming to me that we want to consider,, Have not tried yet though

@John Cartwright

@David Beckman

Any lender that charges money up front ( other than modest credit pull say 50 bucks) and for an appraisal. is not one you want to waste time with in my mind. There are many lenders or company's that just make money telling you you are pre approved but we need 2k for DD or some horse stuff like that especially bigger commercial deals. Although lending is strictly regionalized what one hard money lender does in your neck of the woods and what one does in mine can be far different. The day of just lending on the asset is really gone with most of the company's that have been in bizz for any length of time. they will underwrite a file but will want to see decent credit, tax returns and experience etc etc.. We do a true NON recourse loan but its at 50% of cost, and the home has to have already been rehabbed and in great shape, No straight LTV loans for me to much hanky panky in that arena.

Also go to the Scottsman Guide there will be a whole list of reputable lenders there I would start with that one.

@Ann Bellamy

how does one set keywords.. can you give a not so computer savvy old lender a hand :)

@Engelo Rumora

We shoot what the bird dogs point out and retrieve, and then give a nice pat on the head and a treat.. a great bird dog is worth their weight

@Carly Staehlin

careful to keep your SDIRA away from any trade or business you engage in as those could be deemed a prohibitated transaction.. basically SDIRA needs to be invested in things that are arms length.. Use those funds for your REIT investments. I think using them for your food cart bizz could be a problem if you were challenged...

I too had a home in BC and go there twice a year fishing.. and I fly my plane up to the Puget sound and Vancouver Island often during the summer for a quick day trip or over nighter.. One spectacular part of the world no doubt.

@Corey Dutton

one of my partners in the Napa valley who owned a winery and many vineyards when he was buying a new vineyard.. Most were 5 to 50 million. he would just put in that the contract was subject to his attornies review and approval without naming many or any specifics.. then give a time line like 30 days. basically giving him a free 30 day look.. But of course he was a known buyer that carried a lot of weight.. For me a little guy, I just put in a 14 or 30 day DD period without any specifics Just saying it has to meet my intended purposes.

@Brie Schmidt

I just closed one today in Chicago loan request came in one Wed. I funded and recorded today.. it can happen just have to know where to go:)