All Forum Posts by: Miranda Holland

Quote from @Leanne Sorg:

How do I go about getting a draw from my hard money loan to pay my contractor? Do  I contact my hard money loaner or the title company? Any info would be helpful

Don't be nervous. Call anyone of them. If you call the title company and they tell you to contact your lender to get the funds released, then call the lender. If you contact the lender and they tell you that the title company is supervising the release of those funds, then call the title company.

I would call the lender first though 

Quote from @Oj Isak:

Does anyone know any lenders that offer mortgage without personal guarantee on a fully paid off rental property that is owned by an LLC? Rental property would be the collateral and looking to get about 75% LTV. Looking to establish a lender relationship that would work with the LLC as the guarantor and limit my personal exposure

Private lending companies do have the products you're looking for. Approvals are primarily based off the property itself. However different lenders have different qualifications to determine how much LTV a borrower qualifies for. I sent you a DM

I haven't heard of them. Are you planning to hold this property long term? 

Quote from @Jasmine Wilkes:

was just wondering has anyone heard of and done business with a company called STOA. i seen they changed the name from flip OS

No I haven't heard of them. Sometimes companies pose as direct lenders when they're really not. If I were you, I'll ask them questions like "Are you a direct lender?  And Do you close through a title company? I sent you a DM

From my understanding, you can still close through a title company when using a private lender. Title companies and real estate lawyers would be able to provide the documents and professionalism you're probably looking for 

Different lenders have different guidelines for loan programs. And with traditional banks, the requirements to qualify are even more strict. If you want to get a loan through a traditional bank and you sit outside of what's considered to be a perfect applicant, I recommend you speak with licensed mortgage brokers in your area.

With that being said, due to your stated credit score and "less than perfect work history", it may be difficult for a licensed mortgage broker to match you with a conventional lender.

If that's the case, I recommend you speak with private lending companies through a private money mortgage broker. Private lenders don't care a whole lot about your work history. Approvals are primarily based off the profitability of the deal and not solely based on the borrower 

The further below 100k purchase price, the harder it is to find a company interested in funding the deal. Are you planning on doing repairs on this property? I'm assuming you're looking for a long term rental loan for this property 

Using other people's money is the fastest way to build an empire. Your deal definitely qualifies for hard money. If you want to hold this property after repairs are completed, you can refinance for a lower, long term rate. I'll send you a PM 

Private lending companies base their approvals on whether or not the deal is profitable. When it comes to long term and short term rentals, we're primarily looking at cash flow. I sent you a PM 

That's an interesting question. I know of private lending companies would lend for a mobile home as long as it's a fixed and the property value fits within their guidelines. But I'm not sure about funding for the actual park. I have to look into that