Posted by TRandle on January 08, 2001 at 08:38:43:
Richard,
I don’t know the answer to that. I would call George Pugh at 281-332-2009 and ask. They’re pretty rigid so it would not surprise me if they do. Additionally, in my opinion, 20k profit is worth a few inquiries.
Statewide Capital Investments - Posted by Richard (NC)
Posted by Richard (NC) on January 06, 2001 at 20:08:05:
To All,
I’m considering statewide capital for funding some rehabs in North Carolina. Does anyone have any experience using them?
Richard
not true hard money, but useful - Posted by TRandle
Posted by TRandle on January 08, 2001 at 07:31:36:
Richard,
Statewide is not a true hard money lender in that they are not a pure equity-based lender. They do credit checks, background checks, require massive paperwork initially (by comparison I’m told) and require personal liability on their loans.
That being said, we’ve used them several times and will continue to do so until we can line up private money. They will loan 65% of ARV and allow you to purchase in your company name. I don’t know about the trust purchase because we’ve not asked that question yet. Once we understood how they work, they certainly have their place in an investment plan and they will fund. Hope that helps…
Re: Statewide Capital Investments - Posted by JasonWDTX
Posted by JasonWDTX on January 08, 2001 at 01:29:54:
I have sold them a note before but I have not used them for rehab money. They may be expensive compared to a bank but the are pretty competitive (cheap) for a hard money loan.
Since they are more competitive for hard money they are more picky and require more details. I actually pay more for hard money but get it easier (i use a couple of local investors instead of a nationwide comapny). I have also heard they won’t let you buy in a land trust. That was from another investor, not Statewide itself. I never followed up on it so I don’t know if its true or not.
If my local investors could not preform I would use them. I have met George Pugh several times and he is a great guy with good ethics that I would recommend to other investors. I have a couple of friends that use them and they are happy.
Jason
Re: Statewide Capital Investments - Posted by steph in tex
Posted by steph in tex on January 07, 2001 at 07:33:40:
I’ve used Statewide a bunch. They are expensive, but everything has it’s price. They will broaden limits of how many deals you can do at once, once you get a track record. My experence has been good. I say go for it.
steph in tex
Re: Statewide–no, but… - Posted by AnnNC
Posted by AnnNC on January 06, 2001 at 22:19:40:
Did you find out about them through metrolina reia? (South Charlotte, near SC border)
They had a booth at a metrolina reia Saturday workshop this past summer. www.metrolinareia.com Maybe folks at the meeting can say. You’re over near RTP, right? I’d like to get on mailing list for those
groups, too, for workshops/seminars. Hope this helps. Ann-- in the Piedmont
Re: not true hard money, but useful - Posted by Richard
Posted by Richard on January 08, 2001 at 07:54:49:
TRandle,
Does Statewide do credit checks on each loan? I don’t have a credit problem but I don’t want a large number of inquires on my credit file bringing my FICO score down. I was hoping to use Statewide for the rehab side of my business.