All Forum Posts by: Miranda Holland

Investors who borrow hard money refinance their loans after the work is done. They probably don't do it as much if they plan to sell right away as an exit strategy. But when they're holding the property, it definitely makes sense for them to refinance and even take some of the equity out so they can get paid tax free while their tenants service their debt. 

As far as hard money lenders in Buffalo, does this multifamily need rehab?  Because if it doesn't need rehab, you can get a 30 yr rental  loan from private money companies and their wouldn't be a need for hard money 

Unfortunately rates are higher these days than they were even just 6 months ago.  You can search around but you might not find a rate that is significantly less than that

I wish more wholesalers would take the initiative you're taking. Wholesalers already have buyers in place if funding doesn't go through, so why not take the chance?

The best thing about using private money or hard money companies is that you don't need good credit or work history. What you mostly need is a good deal. I sent you a PM

Lending companies primarily base their approvals on the details of the property and the exit strategy.  A they also usually ask for a 10 to 20% down payment 

Alot of private lending companies will work with you. 

 A lot of private lending companies offer cash out refinances. Funding is primarily based off the value of the property. I sent you a PM 

He might be serious but I wouldn't take that bet. It's especially weird that this guy doesn't have a real company address and offering you 100% financing for your 1st deal. There are hard money companies with full infrastructure who wouldn't take that risk.  

If he is serious, there's a lot he's not telling you. I wouldn't do it man. I'd rather find the 20% to put down and go with a real company that closes with the use of a title company than risk giving that man my bank account information. 

Btw, as a private money broker, I've only seen lenders ask for bank statements or send PLAID links to verify your bank account information. You can pay for the appraisal with a credit card.  

Right now I'm seeing 7 to 8%

Funding is pretty fast with companies that lend private and hard money.  However, they also require appraisals. Most of the lenders I work with will be ready to fund within a few days after the appraisal report comes in. I sent you a PM

Manufactured homes can be difficult to finance mostly because of the property value. The further below 100k, the harder it becomes to find a lender that will finance it. I sent you a PM