More Reasons to Love Barnett REI Finance
SETTING A NEW PACE IN FUNDING REAL ESTATE INVESTMENTS TIM HOUGHTEN
• No recent deal requirement for flippers and rehabbers who may be returning to the market after a break
• Ability to finance portfolios of lower value units nationwide
• New construction loans with up to 85 % of total cost in select markets
• Lines of credit on existing free and clear properties
• Liquidity based credit lines
More Reasons to Love Barnett REI Finance
Vince tells us that the construction program normally offers a“ 2 day inspection,” for draws in most markets, which can give builders a substantial time and cash flow advantage. Barnett’ s financing is typically interest only, allowing investors more flexibility until they exit or obtain permanent financing. That interest is only paid on the active portion of the debt, not the total line or loan. Lines of credit typically give investors access to capital on a roughly 1:3 ratio. So if you have $ 250,000 to work with Barnett would typically extend approximately $ 750,000 in credit. Personal credit is also rarely a factor,“ unless related to your planned exit.” For example; you plan to get a personal loan or mortgage on an income property.
What’ s really cool is that Barnett does not charge points. That means a lower APR, and cheaper cost of money for investors. These commercial style loans may even get from app to closing in as little as“ two days with a very responsive borrower.”
Barnett is also open to a wide variety of property types. That may be renovating a historic house, an industrial space, or taking over and completing new construction providing you’ ve got a“ weather proof box.”
Looking ahead Vincent says the company is confident in its loans and profitability for investors. While they may not be planning any more extreme reduction in borrowing criteria he says they do not see any need for tightening lending in the near future either.