All Forum Posts by: Miranda Holland

 Hi James,

Yes, there are still hard money lenders that offer gap loans with straightforward underwriting and competitive origination fees, but they are becoming harder to find. The market has shifted in recent years, and many lenders have tightened their criteria due to increased risk and regulatory changes.

However, I work with a network of private lenders who unsecured funding in the form of signature loans that borrowers often use for gap funding. If you're interested, feel free to connect with me.

Most investors I work with do either a regular refi DSCR loan or, take up to 75% or 80% of equity out of the home through a cash-out refi.

Check your DM

Hi Mike,
Congratulations on getting your offer accepted for the short-term rental! That's a big step forward. 

If you ever need any advice or just want to chat about your project, feel free to reach out.

Best of luck with everything!

@Ryan Thoma

As a private money broker, I find that each lender has their strength and weaknesses when it comes to building spec homes. So it's all about matching the project with the right lender. I haven't been able to choose a favorite in this space.

However, it's nice to have unsecured loans as a backup option for projects that fall outside of the lending requirements of most lenders

When it comes to comes to a cash out refi, 80% LTV is very difficult especially in this market. I know of a couple of lenders that have told me they offer 80% LTV but, that was a year ago. As a broker, I wouldn't promise 80% LTV on a cash out right now. If it was a regular refi, we'll have a better chance. I would only promise quotes up to 75% LTV these days.

This deal looks like one several private lenders would like to fund

Is this a deal that you already have under contract or, are you looking for the funding first?  

The further below 100k property value, the harder it is to find a lender in the private lending industry. With that being said, 80k-100k in property value can be refinanced with some lenders if there's enough equity in the property. 

Most lenders require six months of seasoning before refinancing but some will do three months on some occasions.

I'll send you PM