Hard Money Loan Info
I was just doing a search for hard money info and came across Wikipedia page on hard money. Some pretty indepth information here with section headings of hard money loan,
“Loan Structure“, “History“(of hard money), “Cross Collateralizing a Hard Money Loan“, “Commercial Hard Money“, “Legal & Regulatory Issues“, “Commercial Lending Industry“, “Hard Money Rate” which deals with the interest and points.
Quite a bit of information for me to digest at the moment, so I will have to go back and digest when I can. Perhaps hard money info on the page is a bit too technical for me. Perhaps for the general public at that. The information for the wikipedia article was provided by Avatarfinancial. I would give them a link, but they are huge in the industry so it would be a waste of a good link.
March 16, 2007 at 4:14 am
How does one go about becoming a hard money lender? I am very interested in helping those obtaining a hard money loan here in So. Cal.
March 16, 2007 at 2:34 pm
I would suggest going to Rehablist.com, and joining the forums. I had recieved an email from them stating that they were looking for hard money lenders throughout the country. I have been on their mailing list for some time, and am very pleased with the amount of information they have available for both hard money borrowers and hard money lenders.
October 17, 2007 at 2:33 pm
As a hard money lender ourselves, we’re well versed in the industry. I’ve written multiple articles on our hard money blog that will give you some great insight as to how a equity based lending works. The rehab hard money you’re looking at is a slightly different animal than we typically deal with, though we can originate rehab deals in FL and TX. These deals are typically to 60% of the ARV (after repair/rehab value) of the property. Funds are typically escrowed for the repairs and released in draws as the work is performed. Typical structure is a 12 month balloon loan with no prepayment penalty. Rates & fees are typically between 13/3 & 15/5 depending on loan size, LTV, credit, flipping history, etc.
July 22, 2008 at 12:26 am
There are many types of hard money loans, if you’re not sure if hard money loans is the right way for you to go try to understand first what is hard money loans?
You can go to my website of course any time to read more about had money lending.
Most loans are done for investment properties non owner occupied.
So if you’re looking for a commercial or residential hard money deal you have to know that the interest rates are higher than conventional lending and the points are like 5 at least for each loan you will apply for.
Let me know if you need more help.
Yanni Raz