All Forum Posts by: Ethan G.

@Ethan G. Hi Ethan, I’m looking for a real estate lawyer that understands sub2s, wholesales and wraps. I need a lawyer that has a vast knowledge about real estate and can explain it in layman’s term. Can you help me?

My title company is stating the property I’m acquiring “is not curative clear”. Can someone help a kindergarten rookie understand what that means?

I was going to tag @Ethan G. but he got to the thread first. I use him all the time @Susan Tan, hes really good.

tag bally's user name so she gets credit.

also, In Texas @Ethan G. is the title company guru.

@Ethan G. I think it is a common misconception that hard money borrowers are not bankable. All of my clients are bankable. They just see the other benefits of what hard money can offer as outweighing the slightly higher interest rate. I see people pass on good deals that their banks can't finance in the timeframe needed because they only think hard money is for suckers.

If I were in your shoes, I would be more concerned about getting the non-recourse debt on the longterm refinance, as the best you're going to get with that size rehab is a mini perm.

@Ethan G. On something like this, I think the main reason you wouldn't want to use hard money is the negative connotation of them having higher rates. I know some that would structure this as a new construction loan and only charge you interest as the funds are drawn. So yes, you might pay 9% interest, but only on the money you use as you progress through the project, which in the end would probably be less dollars out of pocket than going with a bank at 6.5% on the whole loan amount. Plus, if you don't have a relationship established with a bank already, this seems like a big ask and a tough project to start with.

Hey @Ethan G.  

That is a very large renovation budget with a relatively low purchase price. It would be really tough to avoid hard money rates on a project like this. I have a few lender recommendations in mind for this deal.

Take a look at Lendinghome.com.  I am currently working with them on a rental refi and they are great!