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  1. #1

    Need hard money lender

    Looking for hard money lender, have everything ready. Need 1,556,000.00 buyer will put 30% down. He is sold on 3 points on the loan.

  2. #2
    Senior Member Reputation points: 22187 Olderguy's Avatar
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    I have guys who can do 80% LTV purchase but won't be 3 points. What kind of property and what state?
    Steve Benjamin
    Professional Business Loans

    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    949.228.1050

    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 6% and up
    @ Equipment financing up to 6 years
    @ Property loans - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Homeowner loan 2nd position- 15 year 8.99% no lien
    @ Private money equity and debt for major investments

  3. #3
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    Quote Originally Posted by Fundthis! View Post
    Looking for hard money lender, have everything ready. Need 1,556,000.00 buyer will put 30% down. He is sold on 3 points on the loan.
    Hard Money Loans (Private Lenders) will not place money @ 3% - You are looking in the range of low to high teens for even the stronger files
    SY

  4. #4
    3 points is the fees, the rates 10s to 11s

  5. #5
    Senior Member Reputation points: 22187 Olderguy's Avatar
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    There are lender fees and broker fees. Total is usually 5 points. I don't know of any hard money lenders that will have total fees at 3 points. Which suggests you have made an agreement with client with not enough information on how fees are determined for hard money loans...correct? And you still have not stated the location of the property and the type of property. Or LTV.
    Steve Benjamin
    Professional Business Loans

    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    949.228.1050

    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 6% and up
    @ Equipment financing up to 6 years
    @ Property loans - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Homeowner loan 2nd position- 15 year 8.99% no lien
    @ Private money equity and debt for major investments

  6. #6
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    Quote Originally Posted by Fundthis! View Post
    Looking for hard money lender, have everything ready. Need 1,556,000.00 buyer will put 30% down. He is sold on 3 points on the loan.
    We do a lot of hard money commercial real estate loans and land loans. It all depends on the property type and location. Hard money lenders can be very location specific for deals.

    Ben Zuniga
    720-279-4345
    bzuniga@omegafund.com
    www.omegafund.com

  7. #7
    Senior Member Reputation points: 76150
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    Quote Originally Posted by Fundthis! View Post
    3 points is the fees, the rates 10s to 11s
    1st - you have not provided any concrete details regarding the deal- the borrower .

    Borrowers do NOT dictate the terms of the deal - so - if your client thinks he/she can pre determine the terms - walk away.
    You are wasting your time.
    SY

  8. #8
    There is no need for private money in this current market unless the file is complete dog shit. If the property is NOO and it falls within 1 of the 18 states that does not require a lic, I can send you the list, you can book this deal yourself. NonPrime money is institutional money, therefore no lender points and the majority of my NOO pipeline is getting booked in the 4's on 30 year fixed, stated, stated, stated. Reachout with any questions.
    Andrew
    Desk 707.521.0990
    DealDesk@TheMTGNetwork.com

  9. #9
    Senior Member Reputation points: 22187 Olderguy's Avatar
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    I have a deal I am doing right now. $800,000 cash out loan amount, CA Duplex NOO (Non Owner Occupied) 59% Loan to Value 4.85% Interest Only for 10 years. 5 year prepay. Stated Income, Stated Assets. Total points 3.5% 1.75% to lender and 1.75% to broker.
    Last edited by Olderguy; 12-03-2021 at 11:31 AM.
    Steve Benjamin
    Professional Business Loans

    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    949.228.1050

    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 6% and up
    @ Equipment financing up to 6 years
    @ Property loans - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Homeowner loan 2nd position- 15 year 8.99% no lien
    @ Private money equity and debt for major investments

  10. #10
    Give me a call, I have quite a few cash buyers that may be interested in something like this.

    Brian Gibbs
    310.435.9950

  11. #11
    Senior Member Reputation points: 22187 Olderguy's Avatar
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    I have already discussed this file involving the buyers/sellers agent

    Buyer needs hard money 75% and close in a week. No credit using appraisal.

    This is what I got...

    - Rate is 9.99%
    - LTV is 65%
    - Points are 2.50% lender, 2.5% broker.
    - 12 - 24 Month term
    - Close in LLC w/ NOO Disclosures
    - No DSCR Requirement / No Min Credit Requirement
    - Current Appraisal can be used with site visit or Broker confirmation
    - 7 Day Close

    Lender working on getting LTV to 75%
    Steve Benjamin
    Professional Business Loans

    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    949.228.1050

    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 6% and up
    @ Equipment financing up to 6 years
    @ Property loans - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Homeowner loan 2nd position- 15 year 8.99% no lien
    @ Private money equity and debt for major investments

  12. #12
    Hi There - My name is Steve, my company is BizConnect and I’ll keep this quick.

    We are running scalable Lead Generation platforms for some of your competitors that are performing VERY well.

    I can explain the process in 10 minutes or less and have leads flowing to you and your team within a few days if you like it.

    It works for all financial service businesses including Merchant Cash Advance, Invoice Factoring, Equipment Financing, Hard Money Lending, Residential Mortgage and more…. Basically, for any business that needs Exclusive, Real Time Leads, Clients, Customers, Patients, etc.

    If you could find some time this week or next, let’s meet and talk for a few minutes to see if it fits your business – I think you’ll love what we do….
    Here is a link to my Calendar, let me know when you are available:

    https://calendly.com/steve-0412/free...&month=2022-02

    Thanks,
    Steve

  13. #13
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    Quote Originally Posted by grammydavisjr View Post
    Give me a call, I have quite a few cash buyers that may be interested in something like this.

    Brian Gibbs
    310.435.9950

    You have cash buyers for commercial properties in general? Or something
    Specific?

  14. #14
    Senior Member Reputation points: 34098 Jstarr's Avatar
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    Depends on state and type of property - Is it commercial or residential?
    Jerry Starr
    Insource Funding
    433 Plaza Real, Ste 275 Boca Raton, Fl 33432
    P: 800-805-3391 Fx: 561-270-6895
    Jerry@insourcefunding.net | insourcefunding.net

    WHAT WOULD YOU DO " IF " YOU HAD THE CAPITAL

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