All Forum Posts by: Trent Parker

@Kurran Keating

I also invest in Tacoma properties, feel free to hit me up when a deal comes together, as for wholesaling in that area, it is very doable. It all comes down to the deal right? There are a few very successful wholesalers in the area already, but there are more that are either part time or inexperienced which leads to bad deals or no deals. I wish you all the luck and hope you kill it out there!

@Amber Linthakhan

I want to say we did it at 85% and 2 points at 12%, for purchase and 100% and 4 points at 12% on rehab loan.

@Sherief Elbassuoni

I have worked with both of them. Veristone tends to be the one we went to more often. Both are worth checking out for sure. Notable mention of Rain City Capital, tho I have not done deals with them. I have heard stories that multiple different lenders are pulling out of deals right now due to COVID-19. So if your planning something soon, make sure you contact multiple lenders as some might not lend right now.

No doubt 8% is nice

Veristone is also another lender that I have used and currently am using.

Yes I do know they represent there for sure. I do think Eastside uses Vestus at the courthouse as well. Either one you should be covered in that niche.

I personally have loans with Eastside Funding and Veristone right now on 2 flips. They are both about the same but have a couple different variances. If I were to pick one over the other I would lean towards Veristone.

Talk to Travis at Veristone and run your scenario by him.

-- Trent

I have a project that is in the same boat actually. We went back to Eastside and asked for additional funds to finish. So far we are about 2.5 weeks out with no decision. Really pretty silent in communication. Basically if your numbers (ARV) support an additional construction loan, they will most likely do it, but you will need to make sure your numbers are sound and it will sell for that new price. Strong comps in the area will be needed to send to them for the additional loan. I am fairly confident that they do have the ability to extend the length of the contract, but it wont be cheap of course. I would look into potentially refi'ing it out and getting additional funds out of it at the same time. Connect with @Nghi Le, he is great at hard money situations. 

Hello Nicholas,

I would agree on the 3 main players in the field. I currently have loans with Veristone and Eastside Funding.  I tend to lean towards Veristone as I like their draw system better and fees tend to be lower. Most of everything else is pretty industry standard between them. Eastside's construction loan has big points on it, which can really start you out the wrong way, so be careful with that. Also Eastside's time line for the loan is short so be certain of your expected completion date.

Nghi Le is a Bigger Pockets Pro that has a wealth of knowledge on this matter for this area. I would attempt to contact him as well.

@Nghi Le

Thanks guys, and gals! I will reach out soon.