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We recently were asked if we would like to be a private lender for investment group. The answer is yes. However, after talking with the group we have yet to move forward and they have yet to purchase a property. They are still searching for private money. Our hard money terms (12-14% ) did not seem to fit with what they had in mind for “private money”.
Just to keep it short , I want to make a point. When you are targeting returns of 20% +, and have deals (you say) waiting to purchase, consider the cost of searching for the elusive “private” money and more time finding deals and better deals-properties. We have capital (private capital) ready for investors who see the light. If you can get friends or family money, great! If not, we are your very inexpensive partner.
Next,
Need a bank – Here is when i get a call. “Hey, i have been turned down by my usual mortgage broker , i need a long term loan for my rental”
STOP:
Most times, that means that the mortgage company was unable to qualify via traditional Fannie Mae mortgage.
I’m introducing a bank conduit program: We are able to work on a regional level with Texas banks and credit unions for loans that dont quite fit traditional underwriting. These “balance sheet” loans, these institutions keep loans on the books.
Purchase for rental
rehab
cross collateral – Blanket loans
commercial property too.
Conclusion :
Find a property , call us let us guide you through the financing (start to finish – “rehab to rental”)