Results 1 to 9 of 9
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08-08-2020, 09:57 AM #1
- Join Date
- May 2020
- Posts
- 52
Real Estate Investor Needs Loan or LOC
I have a real estate investor with a 700 credit score. He currently has 5 rental properties. He is looking for a loan or line of credit for up to $200k because he wants to do more flips and rentals. He doesn’t care about a high interest rate. He just needs a low monthly payment
He has been pre-approved for $45K at 4-5% but he needs more.
Any lenders interested?
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08-08-2020, 07:46 PM #2
- Join Date
- Jun 2016
- Location
- NC
- Posts
- 3
Hi contact me and we can talk more about your funds.
I believe I can help you.
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08-09-2020, 06:25 AM #3
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,921
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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08-09-2020, 10:28 AM #4
- Join Date
- May 2020
- Posts
- 52
Actually it makes perfect sense if he can get a longer term. But why take the money at any rate if the amount offered to you is too low for you to do anything with?
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08-09-2020, 01:09 PM #5
- Join Date
- Feb 2017
- Posts
- 3,395
I have one client who I can't find a LOC for because of what he wants, which is COMPLETE control of the money, so he really doesn't care about rates ("I am not rate sensitive"), he just wants the flexibility and LOTS of money for all of the deals he's got in front of him all the time. His volume well makes up for it, he's doing millions of dollars and over 75 F&F's over the last 3 years.
I have offered him (I think) between 6.99-8.99% rates I/O monthly on a true real estate Fix & FLip LOC using what's called a "draw schedule" for the construction, but it wasn't flexible enough for him. For this client, it probably would be good. And if his credit is 700+, there are completely unsecured LOC options available as well, but more like $75k to start, not $200k.
The problem with 45k @ 5% is that it's not enough to do much, and the ROI on small projects just isn't worth the effort. For example, if all the projects are $100k or more, or the ROI is less than $X per project over Y months, it will definitely be worth taking more money at a higher rate to make more money for slightly more work (so that at the end of the day, their wallet is fatter). For example, I have a client now that for every $100,000 @ 3.5% / month purchase order financing will NET around $25,000-30,000 within a month, so there's no reason for them to be rate sensitive.
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08-10-2020, 01:29 PM #6
- Join Date
- Aug 2020
- Posts
- 4
With the Executive Summary on the deal our underwriter can review and come back with a potential offer.
What is owed on the properties and what is the current value?
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08-12-2020, 05:01 PM #7
- Join Date
- Aug 2020
- Posts
- 4
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08-19-2020, 12:20 PM #8
- Join Date
- Aug 2015
- Location
- Boulder, CO
- Posts
- 755
I am a real estate lender and just happened to log back onto DF here for the first time in a while. Mostly because I'm just swamped with deals (67 deals in underwriting right now, on their way to funding).
If he has five rentals I might very well be able to help. Each property will need to appraise for at least $100k (the really low value ones are just not worth it). If this is of interest, please shoot me an email to Dan@BoulderEquityPartners.com and I will get back to you with the info I need.
Please do not ping me here as I don't check in enough and will likely miss your response.
Thanks -
Dan Page
Boulder Equity Partners
www.BoulderEquityPartners.com
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08-28-2020, 11:07 AM #9
- Join Date
- Aug 2020
- Posts
- 14
Hi,
My name is Izzy,
Hit me up i can help you with funding with in ASAP..
Feel free to call me on 202-836-7538
Looking forward helping you out.
Thanks
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