What kind of LTV for say a 1 mil residential?
80% LTV? 8%? What points?
PS I have a ton of RE Investors who do not like their REI Hard Money terms.
PPS Who was behind those Foster Grants? (I am dating myself there! :))
You may get arrested for impersonating Stevie Wonder in your video with the giant shades. What are the particulars on your “soft” money lender?? MAx loan amount available? LTV requirements? FICO score requirements? Any other requirements that he has for making good sense loans on deals that make sense??
Hey Brian and Doug . . . thanks for stopping by and for commenting; sorry that my blog didn’t scream at me and I missed them til just now.
This friend of mine and his associates are looking for safety, and in exchange, they’re willing to offer decent interest rates (8-11%), and they don’t want a broker making a killing on points and padding the interest rate.
So, LTV would need to be low, highest LTV on SFR would be 65%, lower on other types of property. If I’m putting these deals together, I will never charge more than 3-4 points, so there’s really no room for splitting broker fees. I’d need to have direct access to the borrower, no broker ‘daisy chains.’
To date, they’ve done a lot of small loan amts ($50,000-$200,000), but will consider loans up to $500,000 if it makes sense.
I understand that this is a niche product and won’t help most people, and I’m not actually trying to get known as a private money lender. I’m just trying to help my friend find good safe loans that allow him to enjoy his retirement and sleep with a clear conscience. Who is borrowing and why make a difference. It’s not just about the money.
Hope that answers at least a couple of questions . . .
Yeah, those are my $10 CVS special shades that my daughter bought me! I can be a dork if I want to 🙂
Hey… really like this… what’s the address of the “Queendom”? I’d love to meet you there sometime…
Interesting, I will be calling.
I am an investor in southern ca I buy fix and sell homes I am primarily working near palm springs I am interested in getting a loan on a property i own free and clear. I use all of my own money right now but am looking to take on more projects and need capital to do so. I take these houses very serious and over see the project from start to finish. My name is Kyle Harris I would like more information please call me @ 951-219-9392
I’m new to your blog. Would like to further discuss your private money lender for Southern Cal deals. My primary focus is commercial deals. Contact me on 240.417.5187.
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