Come and Get Your Funding!

Illustration by Nina MusgraveWhere can you borrow the money to fix and flip a house to sell? Or to fix it up so that a bank will refinance it into a cash-flowing rental, helping you be a landlord? We’re going to show you where to get money at this month’s meeting! We’ll show you four sources you can tap for funding, and we’ve invited four representatives to lay it all out. Register now!

Mike FallotHard Money Lender: Hard money refers to short-term loans that need to be paid back usually within a year’s time. Hard money lenders work much faster than a bank. If you’ve prequalified with a hard money lender, you can often get your deal funded in a week – or sooner.

Mike Fallot, CEO of MM Lending, KREIA’s Platinum Sponsor, will lead the presentation on hard money.

Joe HamptonPrivate Money Lender: Private money is like a relaxed version of hard money. That’s because you’re borrowing from an individual, not a company. Private money lenders may not charge you points or extra fees, and they may be less rigorous than a hard money lender in qualifying you.

Presenting on private money will be Joe Hampton, a KREIA Past President.

Bridgette WingateResidential Banker: Residential loans feature low interest rates with terms of up to 30 years. These are the loans homebuyers use. Buy-and-hold investors can use them too – with a few key differences – and they’ll usually need at least 20% down. There’s a bit of red tape and hoop jumping in getting a residential loan, but it’s the cheapest money around.

Bridgette Wingate, loan officer from Central Bank Mortgage, will lead the presentation on residential loans.

Marcy MuddCommercial Banker: If you run up against the limits of residential loans, you’ll want to look into commercial loans. Or perhaps even start there. The interest rates are higher than for residential, but there’s less red tape involved. Investors face no limits in the number of properties they can hold in commercial loans, and they can take loans in their LLC’s name, Commercial bankers also make rehab loans on houses that don’t pass residential inspection.

Presenting on commercial loans will be Marcy Mudd from Mid-Southern Savings Bank.

Our October main meeting is FREE for KREIA members and only $10 for non-members. Register now!

National REIA's Video Conference Call for October

The video is posted from October's National Real Estate Investors Association COVID update, which includes information on the CDC eviction moratorium and Google Nest for real estate investors. There is also a market update.

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