Need A Hard Money Lender

Comments(9)

• 
  pejames4th February, 2004

  Try to extend the lease option period...for starters, and then go to the lenders tab here and also take out an ad locally and find a buyer for the house and wholesale it to them..or assign your option to someone with a substantial downpayment and no credit. Advertise it No Bank Qualifying!
  Call xxx-xxx-xxxx
  
  Good luck

• 
  InActive_Account6th February, 2004

  Since this is a lease option this can be counted as a refi. You would be able to use any equity to help satisfy the LTV Limits. That is if the house is worth more as the seller says.
  
  Can you show cancelled checks showing that the payments were made on time?
  
  Since I no longer do loans I don't know which company is best for your deal but you can try these:
  Argent Mortgage Company
  Delta Funding Corproation
  Long Beach Mortgage

• 
  gdickson8th February, 2004

  Here's a prime example where a good broker is needed. La...with scores less than or equal to 500, is there anyone that would fund this loan?

• 
  geo_choy8th February, 2004

  Argent, Delta and Long Beach no longer lend to sub 500 borrowers.
  
  There are lenders (hard money or conventional) that do lend to sub 500 borrowers but ltv/cltv max is 80%. DTI can be as high as 55% to qualify and with cancelled check, this situation can be done as a refi. Key here is what the house will appraise for.
  
  You could also try ask seller for an extension.

• 
  mychildren13th February, 2004

  Thanks to all that have responded. I will take everyones advise and look into all my options. If anything else comes to mind please let me know. Once again thanks mychildren.

• 
  tinman175513th February, 2004

  The purpose of the lease option or land contract is to get your credit cleared up while you are building equity at the seller's expense. I know a couple in your situation that resides in FL
  
  Here's the loan they got:
  70% LTV
  11.49% 2/28
  ON appraised value.
  
  So you need to find out the appraised value of the house
  
  Lori
  [addsig]

• 
  omega113th February, 2004

  geo_choy,
  
  Do you have handy the web addresses (URL) for Argent, Delta and Long Beach? if not good for mychildren, there are other Newbies who might be able to use them.

• 
  active_re_investor1st March, 2004

  Quote:
  On 2004-02-13 11:37, mychildren wrote:
  Thanks to all that have responded. I will take everyones advise and look into all my options. If anything else comes to mind please let me know. Once again thanks mychildren.
  
  
  I know a GA investor who might be interested in working with you on this deal. Like others have noted, you will not be getting the best terms but they might be the terms that will work so you can do the deal.
  
  Send me a PM so I can post the details.
  
  John

• 
  mychildren1st March, 2004

  Thanks John of Beaverton, OR I can be reashed at 678-418-8709 thats my Home number or you can reach my husband at 678-485-8926 anytime during the day. I really really appericate this I hope that this will work out my husband and I are flexiable any thing else that you are anyone else can think of. my e-mail is **Please See My Profile** Thanks again.