Hard Money
I am new in am curios if any one has had experience in locating hard money for a 2 week closing at an approxament 60 -70% LTV with rehab costs not included and how simple or difficult it was and how timely. Please advise. Thank You 
I know a little bit about hard money lending. One thing that I know is that they all have their own formula for making loans. For example, one such lender would make a loan based upon a property's as-is, fair market value irrespective of the purchase price. He would go up to 65% LTV.
Some HML's consider the property's 'repaired value'.
Most require a cursory credit application, and at least one appraisal. Plus, all other components of a conventional loan including homeowners insurance, flood insurance, a termite inspection, a property survey, and, most importantly, a title insurance policy.
Their terms may call for a 6 month or 12 month balloon payment, high interest, and fees.
As stated in a previous post, I think that HMLs are a necessary and invaluable tool for the undercapitalized, but talented real estate speculator.
HMLs can close quickly. However, it'll take you a while to assemble all the necessary documentation. Once they have your 'package' they can usually make a decision to close or pass within a few minutes, or after making a quick phone call to a partner.[ Edited by TheShortSalePro on Date 10/02/2003 ]