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
usually they will give you 55-65% LTV of the ARV (After Repaired Value) minus repairs which are escrowed for construction withdrawls at certain points of compleation
Hello All,
I am curious to see how much of a need there is for "Hard Money" loans from the investors here @TCI. Feel free to comment..........
I am currently seeking hard money lenders that currently are doing (or would like to do) business in Detroit, MI. If anyone knows of any, please reply. I have two deals that I must close by the end of October.
The deals as described appear to be more in line for regular Institutional Lender type loans. If you are short on time I suggest Loan Works which is on line.
Hard money lenders, individuals or small company lenders, I only use them for esoteric situations, where if I presented it to a Bank, I would have to have an interpreter or spend an enormous amount of time educating the Bank Lending Officer. Also if I work with a private lender I usualy give him a personal recourse. Which means I stand behind the note and its performance. In exchange for which I get an interest rate I can live with 10 to 12% and at most a point to his/her/its designated relative/attorney/real estate broker/massage therapist.
I never bring a private lender in as a participant in title or profit. Do it once and they are spoiled, they come wining around wanting more and more and more.
Cheers Lucius