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15 January 2024 | 14 replies
Banks will expect to see some skin in the game from their borrowers.
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12 January 2024 | 11 replies
We are lending at 12-14% + points right now and will not go above 70% ltvCan it be cheaper yes, but realize it is very expensive $ and you have to have experience and skin in the game.
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14 June 2023 | 15 replies
I already require a security deposit so the tenant has some skin in the game.Any ideas for how landlords in this situation protect themselves?
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7 January 2024 | 8 replies
I do not invest in Vermont, so I have no skin-in-the-game per se, but I would point out, that what you're requesting will need two different types of loans.
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4 December 2023 | 6 replies
"Skin in the game" is, as good lenders know well, critical in reducing risk to lenders.
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8 September 2020 | 18 replies
Unless you are from there or have very thick skin for volatile tenants, I would proceed with extreme caution.
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12 February 2020 | 7 replies
They have more skin in the game then you do.Make sure you get clear title.
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15 February 2020 | 21 replies
Sometimes if you see that you have most skin in the game BUT are always getting paid last then challenge that status quo and change it.
14 October 2020 | 2 replies
I've developed a much thicker skin over the years.
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12 January 2024 | 4 replies
“Good Thesis” for Single Hard Money Loan: Borrower: Experience with multiple flips in target marketBut… doesn’t have more than a handful of flips going on at any one timeFlip is next logical progression:Example: Flipper used to doing SFH in a given market for past several years is doing a slightly larger project, or scaling to do two simultaneously.Example: Flipper used to doing SFH in a given market is not progressing from small fix and flips to a $2M luxury quadplex ground-up development in one jump.Flipping is the borrower’s full-time jobOr, their single side project in an otherwise established careerFlipper does not have 10 other projects going onBorrower has established contractor networkBonus: Has established contractor skillset and licenseBonus: Has deep experience personally remodeling flipsBorrower personally guarantees loan:Has material assets and net worthIs not highly leveragedHas a cash flow positive lifestyleDeal: Close, clear comps support both acquisition and disposition priceProject timeline and rehab plan is detailed and specificBorrower is willing to loan disbursements staged upon completion of clear project milestonesBorrower has procured binding quotes from contractors regarding scope of flipLoan is no higher than 80% loan-to-cost, and 70-75% of Loan-to-ARVBorrower is putting some skin in the game:Borrower’s equity is not just them buying the property at a discountBorrower is committing at least 10% (preferably 20%) of project cost in cash from their own personal accumulationTimeline is as tight as possible:Cosmetic Flip is less than 3-5 monthsMajor Rehab is less than 1 yearScrape and Rebuild is less than 18 monthsLonger timelines = more conservative Debt to Equity