FAQs
Your FAQs Answered!
At LMWilliamsFunding, we're committed to providing you with the best rental property loans and private lenders for real estate available on the market today. Whether you need funding for a property purchase or are looking to secure financing for an investment project, our team is here to help. Let's take a look at some of the most frequently asked questions we receive from our clients.
Can I Use My Free and Clear Property to Fund Future Non-Owner Occupied Investments?
Yes! It may be used as cross-collateral or for a cash-out refinance. That's a fantastic plan! We can undertake a cash-out refinancing to give money for other non-owner-occupied projects if you've got properties that are entirely paid for with no liens against them. You may also utilize them as cross-collateral in your real estate investing. We utilize both your subject property and your free and clear property as security for the loan.
How Does LMWilliamsFunding Decide How Much to Lend?
Our decision is based on the property, the type of transaction, and any of our special programs in which you are a member. We will usually lend up to 90% of the purchase price, or 65% of the as-is or after-repair appraised value, whichever is lower. Ask one of our loan officers about the special terms available through our membership programs and special purpose loans.
Where Can I Find a Good Deal?
Look for those who have a desire to sell and contact them before your competitors do. The short answer is that the place with the least competition is where you should look. The more difficult they are to find, the less competition you will have, and the greater your chances of obtaining a good price. This requires work, but it is work that can end in a deal with profit! Try talking to probate or divorce attorneys, find "ugly houses," or contact out-of-state owners. Be creative!
Do You Lend for Both Purchase and Repairs?
Yes — for the right deals. We will lend on the After Repair Value (ARV) if the figures check out and we believe the deal will be successful. We suggest that you have considerable expertise in repair work or administration. You'll need a licensed contractor's quote as well as meet certain conditions. Come discuss the deal with us!
I Want to Borrow Money Based on the ARV of the Investment Property I'm Purchasing or Own — Is This Something You Allow?
Absolutely — we love flippers! If the deal makes sense, we will help you get it done. Speak to one of our loan officers for more details.