Need Hard$/Financing referral - NC - Posted by Junie

Posted by Josh-NC on February 14, 2002 at 08:56:54:


SouthTrust has lent me money for fairly extensive remodeling projects (i.e. $40K remodeling on $110K purchase price - they lent 120K based on 180K post-rehab appraisal).

Their lending criteria does not seem to be overly onerous. I have clean (free from derogatories), but heavily-used credit and a good income. I keep up-to-date balance sheets for my personal finances and my LLC finances which I give to the loan officer each time I apply.

Given that the loan officer already has most of our information on file from prior business, I can often get a loan funded in 7-10 days. This way I have been able to purchase a house at action that required closing within 20 days.

The loan officer’s name that is based in Gastonia is Ken Miller.
The appraiser’s name (that I believe only works in Rutherford or Cleveland County - 2-3 counties west of Mecklenburg) is Gene Booth - Booth Realty

Need Hard$/Financing referral - NC - Posted by Junie

Posted by Junie on February 08, 2002 at 10:22:37:

Hi all,

Can anyone refer me to a Hard Money lender or otherwise with good rehab programs. I think I might need longer than 6 mo to turn the prop around. Seller’s asking price is 104,000 and once rehabed should sell in the 170’s. Not sure what all it needs - going to look at it in a few minutes.

Also, I have a list of hard money lenders, but when I checked out their web sites, there was no mention of “hard money” programs, just conventional, FHA, and VA. Did I miss something?

One last thing, if I went with the 6 mo turn around, what would happen if it didn’t sell and I needed an extension? Is that even an option?

Thanks again for everything!


Re: Need Hard$/Financing referral - NC - Posted by Josh - NC

Posted by Josh - NC on February 08, 2002 at 20:43:29:


I do some rehabbing in NC and have had great success working with SouthTrust Bank (the commercial bankers I work with are based in the Gastonia office). They loan me 75% LTV based on the fixed-up value of the house. I have my appraiser do a subject-to appraisal documenting what the FMV will be when the unit is fixed up. This usually lets me buy the house with 0 down and have a credit line for improvements.

I have been borrowing money this way for 1% over prime (the bank’s prime rate is currently 4.5%) or less.

Re: Need Hard$/Financing referral - NC - Posted by Todd H

Posted by Todd H on February 13, 2002 at 22:11:08:


Will Southtrust lend money on ALL rehab properties or will they only deal with small cosmetic fixers??? As you well know, some of the houses that have the best potential need a lot of work but once that work is done, the home is in great shape and you as the rehabber can make good money.

What is your experience in the type of homes they will finance? What is their lending criteria? How long does it take to fund a loan (2-3 weeks)?



Re: Need Hard$/Financing referral - NC - Posted by Todd H.

Posted by Todd H. on February 13, 2002 at 22:01:24:


I am in Charlotte and looking to do some rehab investing and would love to get the name of the commercial lender you deal with at Southtrust. I have excellent credit so that would not be an issue. Also give me the name of your appraiser becasue it appears they have a success record of working with them on properties.


todd H.

Re: Need Hard$/Financing referral - NC - Posted by Brandon (FL)

Posted by Brandon (FL) on February 08, 2002 at 21:28:02:

How hard is it to qualify for this financing? What is the criteria? Credit Score? South Trust Bank is on every corner on my side of the road.