“Real estate investing in Portland is easy, right? Everyone is so laid back and nothing ever changes.” This was said to me recently by my cousin’s kid, over beverages at the Old Gold in an old industrial space. He was looking to get into real estate here investing in Portland and, since I’ve had a fix-and-flip business here for years, he wanted to run his ideas by me. Unfortunately, he didn’t seem to know much about what Portland actually is.
Portland is a city that is pretty constantly changing, as the warehouse-turned-bar indicates. It has an influx of tech money but a whole lot of blue-collar workers. Neighborhoods shift their aesthetics pretty quickly. Real estate investing here moves just as fast, which means when the right deal strikes, you have to be ready to get it.
That means you need a consistent source of financing. In real estate investing, you need trusted sources of hard money lenders. Hard money lenders local to Portland who have your back are key to being able to buy the house that has the potential to deliver solid ROI. You can’t let opportunity slip away.
So, no, real estate investing in Portland isn’t easy. Finding the best real estate opportunities in Portland takes work. But, having hard money lenders in Portland Oregon you can trust makes it easier to take advantage of those opportunities.
The Benefits of a Hard Money Lender in Portland Oregon You Can Trust
I like to talk about having a lender you can trust, someone who has your back. That might seem weird in an industry like lending—after all, it is about numbers and contracts and percentage points. It doesn’t seem terribly sentimental.
But, while that is true, there are different ways to define that sort of trust. How would I talk about trusting your hard money lender in Portland Oregon? Like this.
❖ Trust that you’re getting your best possible rate.
Note, I didn’t say the best possible rate. After all, hard money lenders look at a lot of factors. These include your experience, the market, your credit scores, cash on hand, and even the individual house in the individual neighborhood. Higher risk areas may bring higher rates, for instance. But, every deal has a hard money lender offering the best rate. If you trust you can find it, you’re ahead of the game.
❖ Trust that you’ll get your money quickly.
This is incredibly important and it is why so many of us rely on hard money lenders. Banks can take weeks and weeks to make a decision, which isn’t always “yes.” You don’t have weeks to wait. The best hard money lenders let you know very quickly what kind of loan you can get and what the terms are so you can move forward.
❖ Trust that they understand real estate investing.
Imagine 10 years ago telling a bank that St. John’s was a great place to buy a house. They would have seen a dingy industrial neighborhood and closed the door on you. But, a hard money lender who knows the business can see that this was a neighborhood on the verge of turning around. If you have that kind of deal today—in, say, Portsmouth—you want a lender with vision. And, someone who can recognize your vision.
❖ Trust that they understand the business.
Our business is one where liquidity can be tied up and credit can be maxed out even when you’re doing really well. It’s the nature of the deal. Some banks look at that and laugh. Some hard money lenders look at that and say, “This is a person who is active in the business.” If you have a good record, your current finances aren’t as important to people who know what it takes.
Speed. Vision. The best possible rate for your deal. That’s the kind of lender who has your back. So, who are some of the best hard money lenders in Portland Oregon?
Finding a Trusted Hard Money Lender in Portland Oregon
Luckily, there are a lot of great hard money lenders here in Portland. You don’t have to stick with just one, of course—they aren’t your doctor. But, if you have a few you know can offer you competitive rates, you’re already ahead of the game.
Here are three of my favorites.
This team is perfect for people who are just starting out with their business. They have a very, very low barrier to entry. You only need $15,000 cash and a credit score of 600 to get a loan from them. So, even if you’re fairly new, or if you have a lot of deals going at once causing some liquidity issues, you can still get a loan at competitive rates.
Iron Bridge Lending
This is an interesting one. They use a fairly complicated financial system which gives you kind of a cash reserve from a large pool of investors. That is fairly common, but what is cool about them is that they really invest in the person. They look at your track record and your vision, your business model, and your successes. And, they usually get you cash within seven days. This is a group that gets it. But, of course, for beginners—or part-time investors—it can be a real tough nut to crack. It requires a 10% borrower contribution, so that can add up pretty quick.
This lender is a mix of experience and understanding. They require you to have at least four deals over the last two years to ensure that they aren’t just tossing money out the door. That’s not a super high barrier, but it does mean it is for full-time investors, usually. The good news is you only need a credit score of 550 and cash-on-hand of $15,000. I love that because if I’m in the middle of a project that is taxing my cash supply but find a deal I don’t want to pass up, I can still get a loan at reasonable rates.
Of course, there are a lot more lenders out there. And, every deal brings a different rate. So, how can I know I’m getting the best one?
Getting the Right Funding Terms for Your Portland Deals
In the old days, you used to have to present deals to lenders on paper. Now, you can just enter your deal on their website and wait for them to get back to you. That’s better—but it means you are still going to multiple sites to try to get the best rate. That takes time. But, because I’m an independently owned and operated HomeVestors® franchise, I don’t have to do that.
See, HomeVestors has a proprietary hard money lending portal available to me. All I have to do is plug in the details of my deals into my iPad and I get offers from some of the best hard money lenders. One of them is the best possible loan for my deal. And, it comes right to me, right away.
That’s fast. That’s smart. That’s a hard money avenue from people who truly understand what it takes. It lets me move quickly and strike while the iron is hot without taking on a terrible deal. It helps me stay competitive in an always changing Portland market.
If you’re interested in seeing what this hard money lending portal can do for your Portland real estate business, request information about becoming a franchisee today. It’s an easy way to get connected.
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