private money lenders

Does anyone know of any private money lenders for properties in Brooklyn?

mjkelly

in General Discussion 7 years and 7 months ago

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vthatcher | 7 years and 7 months ago

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I do fix n flip and hard and soft money as well as all other types of loan. We have an in house hedge fund for the hard money. 4 day closing!

vthatcher | 7 years and 7 months ago

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I do fix n flip and hate and soft money as well as all other types of loan. We have am in house hedge fund for the hard money. 4 day closing!

yudashasom | 7 years and 7 months ago

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Years ago hard money lenders operated as resident2 describes. Some of the old school guys still do. But the newer and more aggressive shops will do 65% around 9%, some will do even better than that if you have the track record. OP, I’m not making a recommendation for hard money so don’t ask me.

resident2 | 7 years and 7 months ago

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There is no “loan to value” it is based purely on the actual leased rent roll & basic expenses: Taxes, Insurance….

mjkelly

in General Discussion 7 years and 7 months ago

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@resident2 what is the required LTV for these types of loans? How much down payment is required?

resident2 | 7 years and 7 months ago

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There are non-owner occupancy mortgages available for rental buildings on a more conventional basis. 25/30 year payouts at about 6% with various adjustable terms IE; 5 year fixed then adjusts every 1-3-3 years etc. You have to sign personally & have decent credit, but no tax returns, no income verification other than the property. They only lend against the income of the property.
Try Levy Bialstock @ FM Mortgage, I spoke to him a year or so ago about refinancing one of my rental buildings, owned as an LLC

You will not find a hard money lender, private mortgage lender for a long term loan. Nor would you want one, the terms are always on the lenders side.

mjkelly

in General Discussion 7 years and 7 months ago

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@resident2 looking to do hard money to buy and rent out long term. I own other properties. I know another option is asset based lending?

resident2 | 7 years and 7 months ago

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Strictly Hard Money – Private Money Lenders will only lend to non persons: IE Corps, LLC’s etc as a first lien and 50 – 60% of the properties value as is, not future value.
Todays rates are anywhere from 10 – 18% interest only with a balloon payment 12- 18 months.
If they know who you are, have done business before they may do better rates & terms.
Beware of some that hope you default so they can take your building. Some even have you sign a quick claim deed in advance.
They will lend on properties that Banks will not or make it very difficult to borrow for. They lend to the building, not you so they do not ask for all the paperwork etc that Banks want to see other than you ID and proof of ownership etc. Most will pull your credit report, some do not (beware of them) They are good for difficult to finance properties, but only short term. IE if you have bought a rooming house cash, they will lend you as I said 50-60% of the value so that you have the rehab money, which means if you can knock it out quickly you can get it done quicker & cheaper than borrowing from a Bank with all their requirements, inspection fees and waiting for cash releases etc & being in partnership with the contractor.
If you have never done a rehab before… do not borrow from a hard money lender. If you are new to the RE Business… do not borrow from a Private Money Lender. They are not for the faint of hart… Many will take your building in minute.

dorkofwindsor | 7 years and 7 months ago

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usually for investors / flippers. they are also usually expensive.

yudashasom | 7 years and 7 months ago

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If you have to ask, you shouldn’t be borrowing private/hard money.

mjkelly

in General Discussion 7 years and 7 months ago

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or has anyone have experience using private money lenders?

mjkelly

in General Discussion 7 years and 7 months ago

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or has anyone have experience using private money lenders?