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20 March 2024 | 193 replies
If you're looking to make offers and then use a Private Lender or Hard Money Lender, they're almost always going to ask for your LLC and Articles.
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19 March 2024 | 0 replies
I financed this deal through a hard money lender.
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19 March 2024 | 1 reply
I financed this deal through a hard money lender.
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18 March 2024 | 14 replies
So, treat it like any other loan, except you personally know the "bank/lender."
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19 March 2024 | 9 replies
I’m sure someone from the lender community will chime in with the info on that.
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18 March 2024 | 3 replies
It seems like "most" lenders (at least the ones I've talked to) don't like the idea of rent-by-the room on a primary ... so they can't count my income on that particular property and they are requiring a 1 year lease on the whole house instead of multiple mid-term leases ... so essentially they want a long term lease.
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18 March 2024 | 16 replies
That said I am not an NMLS licensed lender so you should get more information from someone who is (there are plenty on BP).
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19 March 2024 | 10 replies
I submit the Operating Agreement and EIN number, and formation docs to the lender when I get those loans.
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19 March 2024 | 17 replies
So be careful that an LLC you set up will either have a track record so lenders will lend to it.
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19 March 2024 | 323 replies
You're likely to find it very difficult to get a hard money lender to make this loan.