private lending

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private lending (by Fred [GA]) Jul 2, 2014 5:46 PM

private lending (by Chris [CA]) Jul 2, 2014 6:23 PM

private lending (by BRAD 20,00 [IN]) Jul 2, 2014 9:08 PM

private lending (by fred [GA]) Jul 7, 2014 2:47 PM

private lending (by Fred [GA]) Posted on: Jul 2, 2014 5:46 PM
Message:

State Specific Question About: GEORGIA (GA)

I am in need of a private lender to acquire rental rehab property? What type of questions should I ask? --69.241.xx.xxx

private lending (by Chris [CA]) Posted on: Jul 2, 2014 6:23 PM
Message:

LTV? Terms - fees and interest rate? Length of the loan? Can't you get a HELOC?

--61.7.xxx.xxx

private lending (by BRAD 20,00 [IN]) Posted on: Jul 2, 2014 9:08 PM
Message:

Fred, I ALWAYS ask "Got any money?" :)

Are you looking for a private individual or a hard money lender?

"I have a property worth $XXX when rehabbed, I need $XX to buy it and $XX to fix and hold til sale. Interested?

What interest rate woudl you need?

How readily available are the funds?

Do you know anyone who woudl like a good return on their money?"

FYI I pay 10% to private individuals plus a $500 first time bonus.

Check your state SAFE laws and the new Dodd Frank laws. In my state I must have my atty witness the loan doc signing if I do not have a mortgage broker's license.

If this helps, I get more interest and repeat lenders by making them a part of the profit. They get excited about cashing in on what they see on TV. Pay them WELL! so they will stand in line to give you more money!

--67.175.xx.xxx

private lending (by fred [GA]) Posted on: Jul 7, 2014 2:47 PM
Message:

Thanks Chris and Brad! Most lenders I approach say they don't do Heloc on investment property now....

A hard money lender offered 10% down, Ltv 90% buy/repair, 12.9% interest only, 75% Ltv ARV, 3.9 pts, 5th term.....just generally speaking...what are your thoughts...good or bad? --66.87.x.xxx

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private lending

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