Private Money Lending in Syracuse NY
If you are and/ or would like to become a Private Money Lender for Real Estate backed deals in the Syracuse NY area, we would love to give you insight into our business and build a beneficial relationship for all parties involved.
We are actively seeking Private Money Lenders who we can add to our team to fill a need for both short-term Rehab - Sell properties along with long-term Buy & Hold properties. We are always looking to build new relationships with lenders. Earning 1%-3% on your money with an institution is no fun, the returns you will receive from our deal can be 3-4x these rates.
We want to make our private money lenders as comfortable as possible with the loan
, therefore, we want you to understand that we will ensure:
Property Market Value
Each lender will be given a binder with detailed information regarding the investment their money will be used on.
Private Money Lending Details
Generally, your investment will be tied to a specific project with a timeline ranging from 5 - 24 months. You will work directly with the owner to select a term that suits your strategy.
1) Funding & Security Details
First Lien: You and/or your company will receive a First Lien against the property your funds will be used towards.
In Person Inspection: The borrower will be able to take a personal walk-through of the property with the owner and project manager to get an explanation of layout, repairs and comparable properties.
Letter of Intent: A formal document that ensures all parties are on the same page. It will outline the agreement between parties before the loan is finalized.
Title Report / Title Insurance: All of our deals are sent through a title company to acknowledge clean title and protection of our ownership of the property.
Loan To Value: Typically we will ask our lenders to lend 60%-75% ARV (After Repair Value). This will depend on the level of rehab needed for the specific property. This will provide equity and security for our lender's investment. This loan will typically cover the purchase and rehab costs of a project.
Interest Rates & Points: Interest rates normally range from 6%-12%APR, depending on the deal. We generally will also be willing to pay 1-3 points upon closing.
Equity Partners: This is an alternative option that we consider. In some cases, we consider an equity partner position. This will depend on the amount of funding, security, and rehab. This will be done in lieu of interest rates and points.
Asset Based Lending: Although we have great credit, we are looking at lender's who take on asset-based lending. This means the lending will be determined by the underlying value of the subject property. As stated previously we will supply each lender with an asset based lending package with details concerning the property (ARV, rehab costs, comparable market analysis, holding costs, scope of work, budget, material lists, schedules, exit strategies etc.)
Let's Make Money Together
Thank you for taking the time for visiting our site and finding interest in our private money lending opportunity. If you have not already, please fill out the form on the next page with additional information on your specific lending requirements.
If you have any further questions, you can reach us at (315) 516-8023 or by email at email@example.com.
We look forward to working with you.