Home Buying in Los Angeles>Question Details

Mike Dressler, Real Estate Pro in Long Beach, CA

Does anyone know any lender at all (standard or hard money) that will lend on a geodesic dome house located in North Tustin, CA?

Asked by Mike Dressler, Long Beach, CA Wed Apr 3, 2013

We are having a difficult time finding a lender that is willing to lend on a gorgeous geodesic dome house. We've been told my many lenders that due to Fannie and Freddie restrictions, most lenders are out. Now we are reaching out to any private lenders and hard money guys to get this deal financed. The purchase price of the home is 800K and the buyers are able to put down up to 30%. Any leads would be greatly appreciated. - Mike

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Answers

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Hi my name is Josh Meraz with Amerivet Enterprises Inc. I'm a consultant here at this brokerage. I may be able to help , but need a little more info. Please feel free to contact me at the office (714 ) 704 - 1009 or on my cell ( 626 ) 343 - 6846 anytime with any questions you may have. I'm sure I have an investor that can help.
0 votes Thank Flag Link Wed May 15, 2013
Our private money lending division would want to see a larger down payment (50 - 40 %)
0 votes Thank Flag Link Tue Apr 9, 2013
It looks like you have received some great responses here. If you don't have this sorted out yet, consider calling us. We are a private money source, and this looks like a pretty good fit for us.. Fairfield Financial Services. Clay Sparkman, 503-476-2909
0 votes Thank Flag Link Tue Apr 9, 2013
Hi,

I have a couple of lenders that may be able to help you. Feel free to contact us.

Albert Goldberg Broker
800-765-3609
alyourbroker@yahoo.com
0 votes Thank Flag Link Wed Apr 3, 2013
Mike,

I will first make sure that the property can get appraised (are comps available?)

- If there is a loan on the property, you might want to check who the CURRENT LIEN HOLDER is That institution might be willing to lend again.

- Check with LOCAL BANKS as they are sometime more flexible


- HARD MONEY LOAN which we do for up to 50 to 60% LTV ..(You will need to get a second, most likely a seller carry back)

Contact me if you have any questions.

Cheers
0 votes Thank Flag Link Wed Apr 3, 2013
Mike,

Would we be able to find like and kind comps?
0 votes Thank Flag Link Wed Apr 3, 2013
Hi Mike,
Try Gary Twitchel with Prime Lending in Irvine. If he cannot do it he might know who can. His cell is 714-342-1664.
Good luck,
0 votes Thank Flag Link Wed Apr 3, 2013
Do not know, but you can try these guys. RMC Funding, ask for Rudy. 626-584-9824
0 votes Thank Flag Link Wed Apr 3, 2013
What you need to explore before hard money is a "portfolio lender" that is someone who will keep the loan in their books and not sell it to fannie or freddie. Their rates would still be competitive.
If you exhaust that possibility, then you can try a long term quasi-hard money lender... they rates would be around 9% and loan terms of up to 5 years.. because hard money rates would be around 11% and the loan would be short term.

if you email me directly I can point you to the right lenders... people I have used in the past.

If you find my answer useful, give it a thumbs Up!

Ron
ron@select-realestate.com
0 votes Thank Flag Link Wed Apr 3, 2013
Hi Mike
I have used hard money hundreds of times. I find the lender/investors on the media that is most used in the area. Craigs List, the local news paper etc. What I have done many times is put the hard money lender in first position and seller carry in second. The smart lenders are concerned with their positon as much as the cash down. If they are lending less than 50% to value and property will sell if the ever foreclose.
Best of Luck, Stephen
0 votes Thank Flag Link Wed Apr 3, 2013
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