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re: Private Lender
Posted on 9/27/22 at 11:28 am to TxWadingFool
Posted on 9/27/22 at 11:28 am to TxWadingFool
why doesn't he go to a hard money lender? They aren't cheap, but they do exactly what he wants.
Maybe he thinks he can get loans cheaper from friends that might now know exactly what the market rates are on those loans?
Maybe he thinks he can get loans cheaper from friends that might now know exactly what the market rates are on those loans?
Posted on 9/27/22 at 11:38 am to Hermit Crab
quote:
why doesn't he go to a hard money lender? They aren't cheap, but they do exactly what he wants.
You answered it yourself. You go through hard money when you have no other options.
His friends can set their “market rate” as well. If both parties agree to it, and it’s mutually beneficial to both parties, sounds like a good idea.
Posted on 9/27/22 at 11:46 am to Hermit Crab
I asked why not use the more traditional lender route, his biggest reason was because of timing. Traditional lenders are going to require appraisals, possibly surveys, approve him, etc. where as going the PL route he can cut sometimes weeks off that process. His average timeline from contact with a seller to closing is less than 3 weeks which is a big deal in the space apparently, he is for sure not the only one doing this and some of the others are large outfits with plenty of capital at hand. One would think he could do the signature loan route but that would be limited at some point as well and would probably equal more personal exposure than he'd be willing to swallow. Great feedback so far, thanks.
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