All Forum Posts by: Miranda Holland

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

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