Collateral for Hard Money
So I have a property I want to buy (hypothetically)that really could be a great investment. Fixing it up and selling it would be a way to make a great profit. Where do I get the money to not only buy the property, but to also implement the improvements so that I can sell it? Does all the money for this project come from the Hard Money Loan, and am I using the property as the collarteral for the Hard Money loan? Is that how the theory works? All good questions which my research will hopefully answer.
November 3, 2006 at 12:12 pm
I don’t know how to tell how old this blog post is.. and I don’t see any comments.. but here’s what I did.. although a bit unconventional.. recently.
I went to craigslist (www.craigslist.com) and I posted in my are that I am looking for a real estate broker, that I do indeed have bad credit, and that allthough i make a decent income, it’s self employment income..
I went to bed.
In the morning, I had emails from quite a few decent brokers.. If I can get a loan.. which they say I can.. betchya just about anyone can
Good Luck!
November 7, 2006 at 5:04 pm
Thanks for the comment. Craigslist is a very impressive resource. So did you get a loan, and successfully flip a house?
Adam
June 19, 2007 at 4:08 pm
I don’t know if anyone is still checking this…but I am a “Hard Money Lender”, and if you are still interstes in more information I would be happy to help you out!
June 27, 2007 at 7:08 pm
We are not currently in the market for a hard money lender, as our financial adviser suggested we concentrate on other endeavors prior to investing in real estate. But thanks for stopping by.
October 27, 2007 at 3:15 pm
Ben, I understand you are a hard money lender. I am in search of an interim financing to redeem this property asap 10/29/07 (9am).
The property has funding, however the lender’s attorney is not granting access to the property in order to do the appraisal.
I am offering a Deed of Trust for this deal to happen as follows;
LA 95K
Value 230K (as per exterior appraisal)
when needed; 10/29/07 at 9am
why: Time is up lender will not grant extension, was able to auction the property as per the court,and as finance came in place is denying access to the property.
Should you be able to help with this deal there is a 20% return on your investment.
Thanking you in advance for your prompt response, I remain
In Gratitude.
Myra.
March 13, 2008 at 3:16 pm
BEN, HOW CAN I GET IN TOUCH, I HAVE A PURCHASE CONTRACT ON 3 DUPLEXES COST $210000, REHAB $15000, ARV $375000, DOWN $5000, CAN YOU HELP WITH A QUICK LOAN, CREDIT SCORE IS SHOT, HAVE OVER 2 YEARS EXPERIENCE.
March 13, 2008 at 3:20 pm
BEN, HOW DO I GET IN CONTACT, I HAVE CONTRACTED ON 3 DUPLEXES AT $210000, REHAB COST $15000, ARV $375000, DOWN $5000, SELLERS GUARANTEE $3600 FOR SIX MONTHS OF RENT. EXIT STRATEGY RESALE AND OR REFINANCE, CREDIT IS HOWEVER SHOT THIS MOMENT. CAN YOU OFFER ANY HELP.
March 13, 2008 at 4:27 pm
Alasyn and Myra,
I emailed Ben to see if he would post his contact info for you.
You can also check out Rehabhardmoney.com for info on finding a hardmoney lender.
March 13, 2008 at 4:51 pm
I am sorry to inform that do to declining market conditions, my company has stopped all lending activities. There are still plenty of lenders out there, so good luck!
Just an FYI: Most lenders have a maximum 65% loan to value, meaning there needs to be at least 35% down/equity in property, have rates ranging from 12% to 20%, and most require at least 2 points as an origination fee.
March 13, 2008 at 5:41 pm
Thanks for getting back to us Ben. Hopefully your company will resume lending activities when the market picks up.