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#288829 - 05/02/09 12:50 PM Any private lenders out there????
super realtor Online   content
Major Contributor

Registered: 05/01/05
Posts: 7229
Loc: georgia
Have a doctor with awesome credit over 800. Writes down alot of income in his S corp and pays himself personally very little income although has huge monthly business deposits.So conventional lenders won't touch him because ON PAPER he looks like he cannot qualify.

Stated's were used often for doctor's,lawyers,corporations for tax reasons. I beleive stated will come back in 1 to 2 years but the lending requirements will be alot stiffer. The reason is people are not going to pay out tens of thousands of dollars in additional tax money to appease an underwriter. It just ain't going to happen.

My buyer would pay a little higher interest at say 7 percent to get the deal done.

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#288830 - 05/02/09 12:51 PM Re: Any private lenders out there???? [Re: super realtor]
super realtor Online   content
Major Contributor

Registered: 05/01/05
Posts: 7229
Loc: georgia
My buyer has had his corp for about 20 years.

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#291254 - 05/19/09 08:09 AM Re: Any private lenders out there???? [Re: super realtor]
TheMaineGuy Offline
Member

Registered: 01/07/09
Posts: 10
Loc: Maine
Is there a way for the loan to be closed in the name of his company? If not, this still may be doable given he's a doctor. Most any lender will know he has cash flow, he's got great credit, and more than likely plenty of assets.
Is this a purchase? If so, how much is the doctor putting down? Knowing the location helps as a lot of hard money lenders stick to their back yard.
I will say that 7% is probably not going to happen. 9% is more realistic in this market (it is hard money after all).

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#306350 - 09/15/09 02:21 PM Re: Any private lenders out there???? [Re: TheMaineGuy]
justin0469 Offline
Member

Registered: 09/10/09
Posts: 10
Loc: Columbus, OH, USA
You can check out www.prosper.com and www.lendingclub.com if you are still looking. They seem legit, though I've never used them. I would as an investor if it were available in my state though.

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#306531 - 09/16/09 03:45 PM Re: Any private lenders out there???? [Re: justin0469]
Greg Phillips Offline
Mortgage Professional
Veteran Member

Registered: 01/26/05
Posts: 1322
Loc: Lancaster, Ohio
The best route to take is to call the local small banks who still do portfolio loans.
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