All Forum Posts by: George Despotopoulos

Hi @Malcolm Darensbourg, you can find private lenders through searching the various posts here on BP and google of course. The terms will vary depending on the deal and loan type. Feel free to contact me to discuss further, happy to help provide any info I can. 

Hi @Mythaniel Mix, I have heard of them but no experience working with them. There are lenders who will focus on the underlying property's rental income and not your personal income. 

Let me know if I can help out in anyway; feel free to message. 

I have not.

Hey @Kyle Doney. A promissory note is the contract between the lender and borrower, it references the transaction and deal terms; the mortgage, or deed of trust, is the security instrument that puts the lien on the property when recorded properly. 

Different lenders have different documents for their various loan types and lending practices. Moreover, when private or specialty lenders do for example business-purpose loans on non-owner occupied property certain disclosures and documents aren't required. Lenders in this space tend to create their own form docs in order to sufficiently protect themselves.

Title company has a certain set of docs, this usually pertains only to the Title Policy on the property. 

The deal does drive doc preference as do state/federal statutes/regulations.

We tend to give certain disclosures that are not required but feel they help educate the borrower and also make clear what is expected of the borrower and owed at closing or at maturity. 

Really the documents vary and you are correct in opining that the deal does drive doc preference as do state/federal statutes/regulations.

Regardless of how helpful, clear, or informative a broker or lender is, I would think it's best to have local counsel review the closing packet.

(This is not legal advice, merely my opinion.)

Hi @Michelle Bright, we focus on rental property loans. We would be happy to help you here with any advice or insight or work with you on this or subsequent deals.

Feel free to message or get in touch at the below contract information; we're always available by phone/email and on BP! 

Thanks.

They tend to pop-up! But a simple search should reveal the various lenders out there and contain some info/feedback. 

Hi @Mark Beno, our focus is on investment/rental property financing in ATL, we have also recently rolled-out a HML program. Feel free to contact me if you have any questions. Happy to help.

Hi @Jacqueline Coombs,

Congrats to your success. We finance rental/investment property loans and recently rolled out a HML program. Let me know if we can help in anyway. Feel free to direct message or e-mail at the below contact info.

Hi @Kenan Karalic, congratulations! Is this your first investment property? 

Like many described above, a private lender can be anyone from a friend or family member or otherwise a company not affiliated with a conventional lender aka a bank.

The qualities you seek in a lender are subjective to the investor, but overall they should be able to close your loan in the time-frame promised from the start, communication is of paramount importance as well. Not only should you be able to get someone on the phone but whoever you speak to should have the requisite knowledge and expertise in their field of lending. 

We value trust, honesty, and open dialogue the most. We feel the most important aspect of financing is creating a channel of communication that removes any complications, concerns, and unknowns. From the start the process should be clear and it should be understood what is expected of you and us the Lender, in order to close the loan by the date we project. 

Feel free to message with any questions.

Hey @Simcha Davidman, Chris Mason pretty much summed it up. It would be tantamount to committing fraud, as it's a material misrepresentation. Depending on whether it is owner-occupied or not, many Lenders will not fund a loan or will not provide a certain rate. If you obtain a loan from a Lender under the pretenses of it being non-owner occupied and thereafter do occupy it as a primary or secondary residence you put yourself at grave risk. During underwriting and at closing, you will be required to make certain representations and warranties, you'll be certifying the occupancy status and purpose of loan proceeds, and at closing you will be executing affidavits to that effect. 

You do not want to subject yourself to penalties and foreclosure. It's best to be clear about your intentions with the Lender from the start. 

Feel free to direct message or contact if you have any questions.