All Forum Posts by: Account Closed

I've not used them, but I've seen them mentioned in several BP threads. 

90% +  of all private lenders can effectively fund a fix n' flip. 

When do you pay the $3K and what's it for? 

Robert: Great strategy. Great question. I want to make sure I understand it:

Can you bundle up a portion of your current 20-year AM/5-year Balloons into a more conventional 30-year AM product?

If that's the question, then yes, that's possible. 

Based on what I've seen it the private lending market, there's an appetite among the PE funds for these types of loan products. 

Are they members of the AAPL?

I just did a cashout refi with BB&T. They were great. 

Joes: Any fees upfront is a potential red flag, especially if you not dealing with a direct lender. Also, you want to know how much cash you'll need to close (What % of the total project cost. Does their loan term sheet provide a breakdown of the closing? If it's a rehab loan, you need to know how the construction escrow process works. 

Is there a pre-payment penalty? 

How are extensions handled? 

Have you tried BB&T? They'll loan on a rental portfolio. 

5% APR for a no or low doc loan that can close fast? Are you sure the 5% isn't just the origination fee? Is he asking for cash up front? That's scary

David: We don't loan in FL, but I send BP members to the American Association of Private Lenders website. They have a free online directory. Good Luck, Steve

Karen: I don't personally, but try the American Association of Private Lenders website. They have a free online directory. Good luck, Steve

For a no or low doc loan, those terms are competitive. Typically, to get a better rate, other than buying down, you'd have to provide full docs and a 15-20 year amortization, which isn't all bad.