Hard money lenders?
I'm trying to do my first rehab. I am finding that HML's do not lend very much to first timers. Is this usually the case? I was wondering if the HML's are getting tighter, just like the mort. co's?
Hi Serrico,
In my area, the HML's qualify the property and not the borrower. If you can show them that the property will be purchased below value, and what you plan on doing to increase the value after you purchase it, your success rate will increase greatly with them.
The HML's in my area lender up to 80% of what "They Perceive" as market value. I can show them a appraisal, but they will make the finaly decision on what the property is worth (to them) as is.
Best of Success!
BAMZ
One HML I have been talking to here in FL told me they have two types and depending upon your credit score you can qualify for one and so on. With one you get 70% ARV and the other is 75% arv.
They charge 14.9 for the money. All of the loans are based upon the property and not much to do with you.
Your milage may vary.