Profile picture for Akshunpak

Are there any hard-money lenders in Charlotte NC that dont base the loan on credit scores?

Great deals dont last long! Where are the private investors in Charlotte who focus on the deal?

  • April 15 2009 - Charlotte
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (9)

Profile picture for jackalope01
Jackalope Jacks and Peculiar Rabbit is looking for a private funding partner in the amount of $250,000. for the development of our next large venture.  We are adding a 5000 square foot patio on top to Volume lounge and adding a kitchen downstairs. Looking for a five year term secured by a second on a owner financed building.  Currently we have approximately $600,000 in equity in the building.  Also giving ten percent of profit for the duration of the loan. Our goal would be to pay loan of sooner and then letting investor roll his money back in for a permanent 10 percent of our new venture. This may be the wrong site to post on but it is real estate related question. Thanks for reading this and or passing it forward to a interested party. 
  • April 22
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for jasonh38
I funded a project with a commercial lending company Real Funding Partners.  Matt Varnes is a professional and he has access to private money where traditional rules do not apply.  He actually had an approval in 24 hours with a system that uses online business scoring.  
  • April 17 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

There are definitely hard money and private mortgage lenders in Charlotte NC focused on the deal and looking for opportunities to invest their capital. However in this environment in which there is limited capital, you are going to find that credit scores will be a factor in most lending or investing decisions.  

Now keep in mind.  While credit is considered in a hard money lending decision, it is not the only factor in a lending decision.  I like to say it is "A factor, not THE factor".

Every credit score comes with a story, and as a lender, I want to know that story. Also, keep in mind that other factors can offset bad scores.  If someone has poor credit, but can make a large down payment (more "skin in the game"), then credit becomes less of a factor. Or if the loan to value is low enough, the higher risk associated with a lower score can be offset.  

I hope this is helpful information.  Good luck finding great deals and let me know if we can be of any help with funding specifically for residential rehab fix and flip investments in the Charlotte, NC market.

Bill Worsley, Principal
Clear Creek Funding LLC
bworsley@clearcreekfunding.com
www.clearcreekfunding.com
  • February 20 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

[removed by moderator] We are a Charlotte based hard money lender focused on single family residential rehabs.  [Hotlink removed by Zillow moderator. Please see our Good Neighbor Policy for more information.
  • February 20 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

how mush for closing on a 314.000
  • June 02 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for tylermcc
I am a private money lender for investment property in Charlotte, NC

We will consider funding based solely on investment property itself; however,  the After Repair Value to loan ratio will be conservatively low depending on the property and the investors individual details.

The other issue will be -are you wanting a no money down deal or are you willing to risk some of your capital too?

As you know its a very challenging real estate market.  The goal is that your successful.  The challange is your exit stradegy. 

If you'd like to discuss in depth, feel free to email.

Sincerely,

Tyler McCracken
tyler@graydoginvestments.com
www.charlottereblog.com
  • March 26 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Hey Akshun,

More and more HML are looking at your credit score. However, if you can get a deal with a very low Loan to value ratio you may be able to negotiate with the HML.

YOu'll find a link to investment clubs in your area on my blog.

Private investment money is also a great alternative. You can create a simple packet to present to prospective private lenders on my site under "rehabbing".

Private lending is really the best way to go as it affords you flexibility in terms, great interest rates, and sometimes no monthly payments while you fix up a property and get it ready for sale.

Hope it helps.

Dennis
  • February 20 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for natewolf

Post the deal, and see if we have anyone interested. Private investors are generally "friend of a friend" these days, and yes, there are some in Charlotte.

  • February 11 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Meisela
In general , the hard-money lenders are basing their loans on the value of the property , but of course , they would check you out as well . Maybe you can google something like "hard-money lenders in Charlotte " and you get the list . Good luck .
  • January 15 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.