Has anyone found any legitimate lenders? I have found 3% loans needing upfront ap fees, which is a waste of time. I am not looking for 100% financing. I have free and clear collateral worth $100,000. Looking for approx. $210,000 to purchase positive cash flow real estate in Myrtle Beach, SC. I found one legitimate lender offering 15% and 5 points. Are there better deals out there or is this about the best that I'm going to get. Any insight or suggestions would be appreciated. Please email email@example.com.
I've been a Hard Money Lender/Broker since 1990 in Northern California and along with my wife own a small Real Estate & Mortgage business. I can not lend outside of California but have 2 possible referrals I'll email you, of legitimate lenders who should be able to get you a better rate.
Best, Forest - The Guy in the White Hat
Hope all is well. Just wondering if you have come across anymore legitimate lenders. I had a deal ready to close, then the lender raised int rate from 9.75 to 12.9, points from 3 to 6 and wanted $2500 upfront to do appraisals when originally didn't need appraisals. Now I am looking for a new lender. Thanks, Pete.
Peter, your email addressed bounced back so I'm just passing along the info here:
Bob Worthington of APEX Mortgage (you must have a 600 minimum credit score) = 1-800-262-2739 ext 208.
Brian O’Shaughnessy of Athas Capital Group = 1-877-877-1477 ext 555.
Then I’ve spoken with the CEO of “Dohardmoney.com”, Ryan Wright, as well as reviewed his LinkedIn profile and testimonials and he seems to have built a pretty good business and seems to be a good guy. You could try him if either of the above don’t work out for you: 1-800-284-0076.
Forest - The Guy in the White Hat
Thanks for the contacts Forrest. I have a call into Ryan Wright and Bob Worthington. Brian doesn't do residential.
You are welcome and thanks for the update on Brian.
Also, Worthington does commercial only, some residential, 4 plexes, etc. Wright does fix and flips, 6months. I am looking to buy and hold 3-5 years. If you come across anyone else, let me know. Thanks again and i would have no problem paying a finders fee if I close a loan from your referral. Happy New Year.
Sorry about that. The only other guy I've come across that does multiple states is Marc Rabkin of Rodeo Capital phone #310-927-8200. Try him out and hopefully he'll be able to help.
I Am a Direct Lender. You can call me at 347-77-0189 Mondays Through Fridays from 10am Est to 5pm Est.
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On a deal that small that is probable the best you are going to get. If you have any larger deals I can work with you. We typically cant do anything below $1 million in the CMBS world.
Sorry Peter but I don't have another referral for you. Darn.